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14 Oct 2020

USD/CAD Price Analysis: Still pointing to the downside despite rising to 1.3165

  • Loonie hits daily lows versus the dollar but remains under control.
  • USD/CAD holds a bearish bias despite rising for two consecutive days.

The USD/CAD is rising for the second day in a row but is still trading sharply lower compared to the level it had a week ago and still the bias points to the downside.

The decline from levels near 1.3440 found support so far at the 1.3100 area. A break lower would likely trigger more losses. The next key support stands at 1.3030 that protects the 1.3000 area. The 1.30 is not only a round number but also a long term support.

On the upside, if the dollar manages to break and hold above 1.3150, it could alleviate the bearish pressure. The next resistance is seen at 1.3200/05, followed by 1.3265, a horizontal level and the 20-day moving average.

On a wider perspective, the negative bias will persist as long as USD/CAD trades below the downtrend from May at 1.3350.

USD/CAD daily chart

usdcad

 

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