According to the technical indicators, the MACD is losing ground below its trigger and zero lines, while the RSI failed several times to surpass above the neutral threshold of 50 and is now pointing downwards. In trend indicators, the 20- and 40-day SMAs are getting closer to posting a bearish crossover if the price continues the negative movement.
Should selling forces strengthen, the 200-day SMA at 1.2720 will be a strong support level for the bulls, while the uptrend line around 1.2600 may keep the bias on the positive side. Penetrating the aforementioned levels, the 1.2517 barrier could next provide some footing ahead of the 1.2400-1.2450 area.
Alternatively, a close above the 1.2820 barrier and the short-term SMAs will brighten the broader outlook again, pushing the price towards the 1.2935 level and even higher until the 1.3175 resistance. Beyond that, the rally may gear up to the 20-month high of 1.3225.
In brief, USDCAD is facing a weakening bearish bias, where a drop below the 200-day SMA and the diagonal line is expected to enhance selling interest.
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USD/CAD Moves South With Weak Momentum; Immediate Support At 200-Day SMA
ByXM Group
AuthorTrading Point
Published 07/29/2022, 04:59 AM
Updated 05/01/2024, 03:15 AM
USD/CAD Moves South With Weak Momentum; Immediate Support At 200-Day SMA
USDCAD is easing with weak momentum below the short-term simple moving averages (SMAs) but is still above the long-term ascending trend line.
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