After diving towards 1.3400, the USD/CAD is staging a three-day comeback, though it remains trading above a five-month-old support trendline. At the time of writing, the USD/CAD is trading at 1.3474 after hitting a daily low of 1.3446.
USD/CAD Price Action
From a daily chart perspective, the USD/CAD is still neutral to upward biased, despite dipping 2.85% since March 24. Nevertheless, buyers kept sellers from testing the 200-day Exponential Moving Average (EMA) at 1.3374 and are hopeful of reclaiming the 100-day EMA at 1.3515. Even though the USD/CAD is printing a leg-up, the USD/CAD advancement could be capped by the 20 and 50-day EMA confluence at around 1.3568/75. If that scenario plays out, the USD/CAD might resume its current downtrend and test the 200-day EMA soon.
On the flip side, for a bullish continuation, the USD/CAD must surpass the 1.3575 area on its way to 1.3600. Once cleared, the USD/CAD upside risks lie at 1.3705, the December 16 cycle high, followed by the March 24 daily high at 1.3804.
Oscillator-wise, the Relative Strength Index (RSI) shifted gears and is aiming north but at bearish territory. This means sellers remain in charge, and the upward correction could be at risk of turning direction. Meanwhile, the Rate of Change (RoC) shows that buyers stepped in but are more likely to be outweighed by sellers.
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