Back
5 Nov 2019
USD/CAD technical analysis: Greenback recouping early losses, trading near 1.3135 level
- USD/CAD is challenging the 1.3135 resistance.
- Key support is seen at the 1.1313 level.
USD/CAD daily chart
The Loonie on the daily chart is ranging below its main daily simple moving averages (SMAs). The market found some footing in October near 1.3050 and is now consolidating the recent spike up.
USD/CAD four-hour chart
The market is drifting down, following the downward sloping 100 SMA on the four-hour chart. Bears want to create a prologued pullback and erase the October spike. A break below 1.1313 support could lead to 1.3085 support, according to the Technical Confluences Indicator.
On the flip side, 1.3135 is a strong resistance and a break above it can be seen as bullish with 1.3170 and 1.1395 as initial potential targets.
Additional key levels