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USD/CAD technical analysis: Greenback ends the week on the back foot against CAD

FX Street
Updated:
  • USD/CAD remains under pressure at levels last seen in mid-July 2019.
  • The level to beat for sellers is the 1.3040 support.

 

USD/CAD daily chart

 
 
USD/CAD, on the daily chart, is in a bear leg below its main daily simple moving averages (DMAs). The market is trading below the 1.3100 handle at the end of the week.

 

USD/CAD four-hour chart

 
USD/CAD is under selling pressure below its main SMAs. The market needs to break below the 1.3040 support in order to potentially trigger further losses towards the 1.3000 handle.
 

USD/CAD 30-minute chart

 
USD/CAD is trading below its main SMAs, suggesting bearish momentum in the near term. Resistance is seen at 1.3084, followed by 1.3140, according to the Technical Confluences Indicator.  

Additional key levels

 

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