USD/CAD has breached key ascending trendline support on the daily chart. The pair risks falling to the 200-day SMA support at 1.3495. USD/CAD has dived out of an ascending trendline connecting June 10 and June 23 lows, validating the bearish view put forward by last week’s bull failure at the trendline falling from March highs. The downside break of the three-week-long rising trendline is backed by a below-50 or bearish reading on the 14-day relative strength index and the bearish crossover of the 50- and 100-day simple moving averages (SMA). As a result, the pair appears on track to test the 200-day SMA support, currently at 1.3495. At press time, the pair is trading largely unchanged on the day at 1.3560, having put in a high of 1.3575 early Friday. The bias would turn bullish if the pair clears the multi-month descending trendline hurdle, currently at 1.3667. Daily chart Trend: Bearish Technical levels 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 GBP/USD risk reversals jump to highest since March 11 FX Street 3 years USD/CAD has breached key ascending trendline support on the daily chart. The pair risks falling to the 200-day SMA support at 1.3495. USD/CAD has dived out of an ascending trendline connecting June 10 and June 23 lows, validating the bearish view put forward by last week's bull failure at the trendline falling from March highs. The downside break of the three-week-long rising trendline is backed by a below-50 or bearish reading on the 14-day relative strength index and the bearish crossover of the 50- and 100-day simple moving averages (SMA). As a result, the pair appears on track to test… 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.
