After holding steady in yesterday’s session, today Loonie has shifted to the downside. The analysis from ADS Securities see Bearish USDCAD below 1.3370.
28 March, ADS Securities – Yesterday, the Canadian Dollar remain unchanged against its US counterpart as early gains in Loonie were trimmed by weakness in oil prices. The USDCAD pair finished yesterday’s session at 1.3375.
Bearish USDCAD below 1.3370
Presently, the price action appears to be bearish on the 1H chart, suggesting the presence of negative momentum in the coming session. A potential signal line crossover by the 1H MACD from above further endorses the above view. Key technical support is placed at the 1.3370 level, a breach below which might lead to bearish momentum in the pair, paving way for the 1.3360 where 55 EMA is situated and 1.3345 levels as next downside targets. On the flipside, key resistance is located at the 1.3390 level, followed by the 1.3405 and 1.3415 levels.
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