USD/CAD technical analysis: Greenback losing steam against the Canadian Dollar, trading sub-1.3230 resistance

 

 

USD/CAD is holding above the 1.3200 level and the 50-day simple moving averages (DSMA) suggesting a correction up.

 

 

 

 

USD/CAD is trading above its main SMAs, suggesting a bullish bias in the medium term. This Friday, bulls had a hard time to overcome the 1.3270 resistance. The market is now consolidating below 1.3230 resistance. A break above 1.3270 is needed if bulls intend to reach 1.3300, 1.3320 and 1.3345 on the way up, according to the Technical Confluences Indicator.

 

 

 

 

USD/CAD is reversing most of its daily gains as the market is now trading below the 1.3230 resistance. A break below 1.3200 would be seen as reasonably bearish in the near term as it could open the doors to further losses towards the 1.3170 and 1.3140 levels, according to the Technical Confluences Indicator.