USD/CAD Price Analysis: Moves Below 1.3350 Followed By The Weekly Low

USD/CAD moves down in the negative territory as US Dollar fails to hold gains.

A break above 1.3350 could lead the pair to approach the seven-day EMA at 1.3398 aligned with the psychological level at 1.3400.

Technical indicators suggest the confirmation of further decline and testing the weekly low at 1.3311.

USD/CAD retraces its recent gains, trading below the major resistance at the 1.3350 level.  faces downward pressure on the subdued US Dollar (USD), along with higher  prices.Breaking through the significant level has the potential to propel the USD/CAD pair upward, targeting the seven-day Exponential Moving Average (EMA) at 1.3398, in conjunction with the psychological resistance level at 1.3400.Further surpassing this psychological resistance may lead the pair to explore the vicinity of the major level at 1.3450, followed by the 23.6% Fibonacci retracement level at 1.3452.On the flip side, the Moving Average Convergence Divergence (MACD) technical indicator for the USD/CAD pair hints at a potential bearish trend. With the MACD line positioned below the centerline and showing divergence below the signal line, there’s an indication of a possible further decline.The analysis adds weight to the prevailing dovish sentiment surrounding the USD/CAD pair, emphasizing the importance of the 14-day Relative Strength Index (RSI) dipping below 50. This confirmation suggests that the pair could revisit the weekly low around the 1.3311 level. A break below the weekly low holds the potential to push the USD/CAD pair towards the psychological level at 1.3300.
 USD/CAD: Daily Chart(Click on image to enlarge)

USD/CAD: More Technical Levels To Watch

OVERVIEW Today last price 1.3344 Today Daily Change -0.0025 Today Daily Change % -0.19 Today daily open 1.3369 TRENDS Daily SMA20 1.3532 Daily SMA50 1.3658 Daily SMA100 1.36 Daily SMA200 1.3505 LEVELS Previous Daily High 1.337 Previous Daily Low 1.3312 Previous Weekly High 1.3619 Previous Weekly Low 1.335 Previous Monthly High 1.3899 Previous Monthly Low 1.3541 Daily Fibonacci 38.2% 1.3348 Daily Fibonacci 61.8% 1.3334 Daily Pivot Point S1 1.333 Daily Pivot Point S2 1.3292 Daily Pivot Point S3 1.3272 Daily Pivot Point R1 1.3389 Daily Pivot Point R2 1.3409 Daily Pivot Point R3 1.3447

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