Technical analysis: Canadian Dollar backslides but remains in familiar technical territory
The Canadian Dollar (CAD) is moving in one direction on Tuesday, heading lower against nearly all of its major currency peers. The CAD is down a third of a percent against the broadly-recovering Japanese Yen (JPY), and has shed a fifth of a percent against the USD.
USD/CAD rose to its highest bids in a week, threatening to solidify a bullish rejection from the 50-day Exponential Moving Average (EMA) from 1.3636. The pair is still down from last month’s peak bids near 1.3850, but a long-term technical floor is priced in at the 200-day EMA from 1.3549.
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