Technical analysis: Canadian Dollar regains familiar chart territory in Thursday pivot
The Canadian Dollar (CAD) is rebounding in a broad-market risk appetite recovery, climbing four-tenths of a percent against the US Dollar amid Greenback weakness across the board. The CAD is still down six-tenths of a percent against the Swiss Franc (CHF) and around a fifth of a percent against the Japanese Yen (JPY).
USD/CAD has fallen back to familiar levels near 1.3660 on Thursday in a quick turnaround from Wednesday’s peak near 1.3735. The pair is running into near-term technical resistance at the 200-hour Exponential Moving Average (EMA) at 1.3670, with an intraday floor priced in at this week’s swing low into 1.3615.
Daily candles continue to etch in a rough consolidation pattern, and USD/CAD is mired in a sideways grind near the 50-day EMA at 1.3646. Long-term technical support is coming from the 200-day EMA at 1.3557
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