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12 Jan 2023

USD/CAD Price Analysis: Subdued around 1.3420s as a doji emerges

  • USD/CAD extends its losses after sliding below a five-month-old support trendline that surpasses 1.3500.
  • USD/CAD Price Analysis: A breach below 1.3357 could pave the way for further downside; otherwise, a test of 1.3500 is on the cards

USD/CAD reverses its uptrend and drops below the 100-day Exponential Moving Average (EMA) at 1.3427, set to finish Wednesday’s session with losses of almost 0.01%. At the time of writing, the USD/CAD is trading at 1.3423 after hitting a daily high of 1.3445.

USD/CAD Price Analysis: Technical outlook

From a daily chart perspective, the USD/CAD is still neutral-biased, though slightly skewed to the downside. Once USD/CAD’s price action broke below a five-month-old upslope support trendline drawn from August 2022 lows on January 6, the USD/CAD resumed its downtrend, which stalled around the current week’s low of 1.3357.

To extend its downtrend, the USD/CAD needs to break below 1.3357 to extend its losses to the November 24 daily low of 1.3316, ahead of the 1.3300 mark. Once hurdled, the USD/CAD would be poised to test the 200-day EMA at 1.3238.

The USD/CAD downward bias in the near term is supported by the Relative Strength Index (RSI) in bearish territory, while the Rate of Change (RoC) portrays steady downward volatility, meaning that sellers remain in charge.

USD/CAD Key Technical Levels

 

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