- USD/CAD could test the immediate barrier at the nine-day EMA at 1.3521 level, followed by the 14-day EMA at 1.3546 level.
- The momentum indicator MACD shows a convergence below the signal line, suggesting a weakening of the bearish trend.
- The psychological level of 1.3500 appears as the immediate support for the pair.
USD/CAD moves sideways around 1.3510 during European hours on Thursday. Analysis of the daily chart indicates a bearish bias for the USD/CAD pair, as the nine-day Exponential Moving Average (EMA) is positioned below the 14-day EMA.
Additionally, the 14-day Relative Strength Index (RSI) remains near the 30 level, confirming the overall bearish trend in play but also suggesting a potential correction soon.
The momentum indicator Moving Average Convergence Divergence (MACD) suggests a downward trend for the USD/CAD pair, as the MACD line is positioned below the centreline. However, the MACD line may crossover above the signal line, suggesting a potential weakening of the bearish trend.
On the downside, the USD/CAD pair tests the psychological level of 1.3500. A break below this level could reinforce the bearish bias and push the pair to navigate the region around the seven-month low at 1.3441, recorded on August 28.
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