- USD/CAD is trading just under flat after being in the black for most of Wednesday.
- The price has now found some intraday support at 1.3550.
USD/CAD 4-hour chart
USD/CAD has moved lower in the EU session after pushing higher to hit 1.37 during Wednesday’s (yesterday’s) Asian market hours. Now the price has settled just above the 1.3550 area. Interestingly, the price broke higher past the red downward sloping trendline but then subsequently broke the pattern low. After the apex of the pattern, the price is now hanging between the two trendlines stuck.
If the previous wave low at 1.35 breaks then the pair could go on to test the support level at the low of the chart marked in blue. On the upside, the key level is still the consolidation high just above 1.37. If the level breaks then the orange line at 1.3850 could be the next target.
The Relative Strength Index and MACD both have bearish signals. The Relative Strength Index is under the 50 line but still has space to hit the oversold level at 30. The MACD signal lines have both crossed under the mid-line and the histogram is also firmly in the red.
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Additional levels
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