Technical analysis: USD/CAD swamped out in near-term midrange
The Canadian Dollar (CAD) is one of the poorest-performing currencies on Friday, shedding weight across the board and struggling to develop any meaningful momentum against the US Dollar. USD/CAD is stuck in a lurch just above the 1.3600 handle, and threatening to spiral out into a longer-running consolidation phase as the pair finds little reason to push too far in either direction.
Intraday bidding remains capped below the 200-hour Exponential Moving Average (EMA) at 1.3640, and tests to the low side are unable to find a foothold below 1.3600. Daily candlesticks are bolstered by the 200-day EMA at 1.2594, keeping a lid on downside pressure while a supply zone priced in above 1.3750 caps off any bullish attempts.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.