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Hovers near 1.3570 after recovering intraday losses

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  • USD/CAD struggles to hold ground as US Dollar rebounds.
  • Technical indicators suggest retesting the major support at the 1.3550 level.
  • A break above the psychological barrier of 1.3600 could approach the 23.6% Fibo at 1.3625.

USD/CAD struggles to halt its three-day losing streak post recovering most of its intraday losses, hovering around 1.3570 during the European hours on Wednesday. However, the USD/CAD pair faced challenges during the Asian session on the back of a softer US Dollar (USD), coupled with improved Crude oil prices.

The technical indicators for the USD/CAD pair support the current downward trend. The Moving Average Convergence Divergence (MACD) line is below the centerline and the signal line, indicating a bearish momentum in the pair.

Furthermore, the 14-day Relative Strength Index (RSI) below 50 indicates bearish sentiment, indicating that the USD/CAD pair could meet the support around the major level at 1.3550.

A firm break below the latter could influence the bears of the USD/CAD pair to navigate the psychological support region around 1.3500.

On the upside, if the USD/CAD pair surpasses the psychological barrier of 1.3600, it could reach the 23.6% Fibonacci retracement at 1.3625 and seven-day Exponential Moving Average (EMA) at the 1.3628 level. A breakthrough above the resistance area could open the doors for the USD/CAD pair to explore the region around the 1.3650 level.

USD/CAD: Daily Chart

 

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