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USD/CAD Bears are nearing multi-month support close to $1.3470

Alina Haynes

Mar 31, 2023 11:49

USD:CAD.png

 

USD/CAD sellers eye 1.3520-25 after falling to the lowest levels since February 22 as markets become volatile on Friday ahead of the release of crucial US inflation data. As a result, during the five-day losing sequence, the Loonie duo demonstrates modest losses.

 

However, the successful break below the 50-day moving average and the bearish MACD signals maintain optimism among sellers. The absence of a fatigued RSI (14) line strengthens the bearish bias.

 

Notably, a rising support line from early June 2022, which was near 1.3475 at the time of publication, appears to be a formidable obstacle for USD/CAD bears to surmount. In addition to emphasizing the significance of the 1.3475 level, the decline of the RSI below the 50 level suggests that purchasing near the key support line is likely.

 

The 200-day moving average and an ascending trend line from mid-November 2022 near 1.3375 and 1.3295 could challenge the bears if the Loonie pair breaches the 1.3475 support level.

 

To convince short-term USD/CAD investors, recovery advances require confirmation from the 50-day simple moving average (SMA) resistance of 1.3545.

 

However, the mid-month low around 1.3650-55 and December 2022 highs around 1.3705 can challenge the Loonie pair's further ascent before underscoring the previous yearly high of 1.3977.


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