Forex analytics and overview

USD/CAD Still Fights With 1.3600

2024.08.23 07:13

  • USD/CAD repeatedly tests the 200-day SMA
  • Momentum oscillators are mixed

 has been battling with the 1.3600 round number and the 200-day simple moving average (SMA) over the last couple of days.

A successful break beneath these critical levels could open the way for a downside retracement in the medium-term.

The technical oscillators are showing some contradictory signs. The stochastic is heading upwards after the bullish crossover within the %K and %D lines in the oversold area; however, the RSI is sloping down near the 30 level.USD/CAD-Daily Chart

Steeper decreases could drive the bears to the 1.3480 support ahead of the 1.3450 barricade and 1.3420, taken from the lows between March and April.

A potential rebound off 1.3600 may add optimism to traders increase optimism amongst traders, encouraging them to remain in a neutral-to-bullish mode, hitting the 50- and 20-day SMAs at 1.3710 and 1.3730, respectively.

Moving up, the 1.3790 resistance may again act as a turning point.

All in all, USD/CAD is hovering near key levels, and the next few sessions could clear up the market’s next direction.

 



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