USD/CAD Technical Analysis: Near-term lows testing rising trendline into key 1.3200 level

• The past twenty-four hours of trading activity on the USD/CAD has seen the pair slip from 1.3245 to just below the 1.3200 key handle, where bidders are looking to keep the pair on-balance.

USD/CAD Chart, 5-Minute

• The past two weeks have seen an accelerated rise and fall in the USD/CAD, but near-term technicals are leaning into the short side following a bearish cross of the 50- and 200-period moving averages, and current resistance for a bullish correction sits at the 38.2% Fibo retracement level at 1.3234.

USD/CAD Chart, 30-Minute

• The downside may turn out to be significantly limited, however: the past two months show a firm uptrend in place as lows march steadily higher, and the Dollar-Loonie pairing is currently challenging a rising trendline, with the 200-period moving average providing major trend support from 1.3110; any near-term moves towards the downside could face rapid rejection and a move further north.

USD/CAD Chart, 4-Hour