Technical analysis: Canadian Dollar flattens as markets look elsewhere
During Monday's US market session, the Canadian Dollar (CAD) treads water, trading close to a tenth of a percent against both the US Dollar and the Euro (EUR). The CAD is down around half of a percent against the Antipodeans and in the red over a full 1.5% against the JPY.
USD/CAD continues to churn into the 1.3650 technical level. The pair continues to slip back from last week’s peak bids near 1.3850, but intraday bids still stick on the high side of a near-term supply zone between 1.3600 and 1.3550.
Despite a near-term pullback, the USD/CAD remains on the bullish side of long-term technicals. The pair still holds north of the 200-day Exponential Moving Average (EMA) at 1.3528, and the US Dollar is still up around 3% against the Canadian Dollar in 2024
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