- USD/CAD has been in a downtrend for a while and the price has retraced this week.
- Despite the retracement the price has fallen again 0.29% on Friday.
USD/CAD 1-hour chart
USD/CAD has pushed higher over the last few session and trades 1.28% higher on the week but on Friday the pair has met some resistance. The chart below shows the extent of the move higher after the strong downtrend over the last few weeks due to the strength in oil and the firm risk sentiment that has now reversed.
Looking at the chart below the pair moved from a low of 1.3309 to a high of 1.3666 overnight. During Friday’s session, the price has now moved back toward the 55 Exponential Moving Average and found some support.
If the trend is to continue lower a break of the red trendline could be a good signal on the short side. In the way would be the 200 Simple Moving Average, 55 Exponential Moving Average and 1.3482 support area.
The MACD is showing the signal lines are above the price which could indicate the move higher will continue and the histogram looks like it’s on its way to turning green too. The Relative Strength Index indicator is above the 50 line and still has lots of room to the upside.
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