Usdcad today received offers to refresh the intraday low around 1.3710 during Friday morning in Europe. That means, the US Dollar-Canadian Dollar pair has a bearish move for now. In doing so, the Loonie pair has extended Thursday’s decline while piercing the price at the 50-SMA support.

It is worth noting, however, that the MACD signals are bearish and has made a sustained downside break of the one-month-old rising trend line in favor of the sellers in recent times. With this, USDCAD bears are heading towards an upward sloping support line from September 14, near 0.9670, a break of which would make the price vulnerable to refresh the monthly low, which is currently around 1.3500. Alternatively, the recovery move should clear the previous support line from mid-September, near 1.3745 at the latest. However, a 12-day-old rising resistance line around 1.3865 could challenge USDCAD buyers. Thereafter, there is a rise towards the latest swing high near 1.3980 and then towards 1.4000. Overall, USDCAD is likely to see further declines, but the bullish trend is still far from reversing.

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Key Points
  • USDCAD extends previous day's pullback from 29-month highs, pushing the 50-SMA lately.
  • Bearish MACD signals, sustained break of rising trend line from September 13 keeps sellers hopeful.
  • Buyers need to provide a daily close beyond 1.3865 to retake control.
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