The recent technical indicators for the USD/CAD currency pair are hinting at a bearish momentum. The short-term Simple Moving Average (SMA) crossing below the long-term SMA often suggests a potential downward trend, indicating that sellers are gaining control. This bearish sentiment is further supported by the MACD (Moving Average Convergence Divergence) line crossing below its signal line. The negative reading of the MACD histogram at 0.00069 reinforces the possibility of a continued decline. Traders might interpret these signals as a selling opportunity or a cautionary sign for those holding long positions. As always, it’s crucial to factor in any fundamental news and consult multiple indicators before making trading decisions.
• There is a resistance level at 1.36943; Followed by resistance at 1.36810 and 1.36755.
• There is a support level at 1.35238; Below, there are 1.35226 and 1.35038.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
September 11, 2023