USD/CAD: Breaking Below Key Support
Chart Analysis:
USD/CAD is showing signs of weakness, having dipped below the key 1.4300 support level, putting further downside into focus.
1️⃣ Breakdown Below Support:
The 1.4300 level, which previously acted as strong support, has now failed.
Sustained trading below this level could accelerate bearish momentum.
2️⃣ Moving Averages Tilting Bearish:
50-day SMA (1.4331): Recently breached, acting as newfound resistance.
200-day SMA (1.3872): Remains a key long-term support zone.
3️⃣ Momentum Indicators Reflect Weakness:
RSI: 42.68, signaling bearish momentum but not yet oversold.
MACD: Sliding further into negative territory, confirming downside bias.
What to Watch:
If price remains below 1.4300, downside targets include 1.4200, followed by the 1.4000 handle.
A recovery back above 1.4300 could neutralize short-term downside pressure.
Bearish momentum is building, but a potential oversold bounce could emerge if selling extends too aggressively.
USD/CAD is at risk of deeper losses as support turns into resistance—further declines look likely unless bulls reclaim control.
-MW
USD/CAD is showing signs of weakness, having dipped below the key 1.4300 support level, putting further downside into focus.
1️⃣ Breakdown Below Support:
The 1.4300 level, which previously acted as strong support, has now failed.
Sustained trading below this level could accelerate bearish momentum.
2️⃣ Moving Averages Tilting Bearish:
50-day SMA (1.4331): Recently breached, acting as newfound resistance.
200-day SMA (1.3872): Remains a key long-term support zone.
3️⃣ Momentum Indicators Reflect Weakness:
RSI: 42.68, signaling bearish momentum but not yet oversold.
MACD: Sliding further into negative territory, confirming downside bias.
What to Watch:
If price remains below 1.4300, downside targets include 1.4200, followed by the 1.4000 handle.
A recovery back above 1.4300 could neutralize short-term downside pressure.
Bearish momentum is building, but a potential oversold bounce could emerge if selling extends too aggressively.
USD/CAD is at risk of deeper losses as support turns into resistance—further declines look likely unless bulls reclaim control.
-MW
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.