USD/CAD takes the bids near four-day top following Tuesday’s recovery moves. A downward sloping trend line from May 22 in the spotlight, 200-day SMA offers strong support. Normal RSI conditions, bullish MACD favor further upside. USD/CAD rises to 1.3610 amid the initial Asian session on Wednesday. In doing so, the pair escalates Tuesday’s pullback from 1.3525 to print a four-day top. Even so, a seven-week-old descending trend line seems to challenge the bulls. That said, the pair’s latest up-moves should have taken clues from the Globe and Mail’s news suggesting that Finance Minister Bill Morneau will forecast a deficit in excess of $300-billion today. Turning back to technicals, upbeat RSI conditions and MACD adds to the bullish sentiment that signals a break of 1.3625 mark comprising the said resistance line. However, June 26 top near 1.3715 might question the bulls afterward. On the flip side, the 200-day SMA level of 1.3500 holds the key to the pair’s south-run towards 1.3430. In a case where the sellers remain dominant past-1.3430, June month’s low of 1.3315 could become their favorite. USD/CAD daily chart Trend: Further recovery expected FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next PBOC sets Yuan reference rate at 7.0207 FX Street 3 years USD/CAD takes the bids near four-day top following Tuesday’s recovery moves. A downward sloping trend line from May 22 in the spotlight, 200-day SMA offers strong support. Normal RSI conditions, bullish MACD favor further upside. USD/CAD rises to 1.3610 amid the initial Asian session on Wednesday. In doing so, the pair escalates Tuesday’s pullback from 1.3525 to print a four-day top. Even so, a seven-week-old descending trend line seems to challenge the bulls. That said, the pair’s latest up-moves should have taken clues from the Globe and Mail’s news suggesting that Finance Minister Bill Morneau will forecast a deficit in… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
