HomeContributorsTechnical AnalysisUSD/CAD Struggles for Support

USD/CAD Struggles for Support

The Canadian dollar consolidated after Canada’s GDP showed signs of slowing down in May. A series of lower lows and a fall below the daily support at 1.2840 further weighed on short-term sentiment. A bearish MA cross on the daily chart suggests possible acceleration to the downside. 1.2750 is the Chartnext support and its breach could trigger a deeper correction towards 1.2600. 1.2860 is the first resistance ahead after a short-lived bounce and the bulls will need to clear 1.2940 before a meaningful recovery could take shape.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading