Technical Analysis

USD/CAD inches decrease on the day, sellers re-test 200-day transferring common

USD/CAD appears for a transfer beneath the 200-day transferring common once more

USD/CAD D1 31-01

That was the important thing stage that stalled the draw back transfer in a single day however sellers are on the lookout for a second run beneath it now. USD/CAD is right down to session lows at the moment – low touching 1.3124 – as sellers look to ascertain management within the pair by breaking beneath the 200-day MA (blue line).

Minor help is seen close by round 1.3120 however the huge stage right here is that 200-day MA. A agency break beneath that might doubtlessly see the pair drop in the direction of 1.3000 not less than.

The greenback stays weak in the interim after the FOMC assembly in a single day whereas danger belongings are maintaining the great vibes with oil additionally buying and selling above $54.00 now trying to find a break of the December highs. As oil checks one excessive, so is the loonie towards the greenback. A break of each extremes might be correlated however markets look to be persevering with to latch onto the theme of greenback weak point to begin the day.

Let’s examine if consumers can rally again and defend the extent right here. In any other case, it opens up a little bit of a slippery slope for a draw back transfer.

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