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Nov 20, 2023 8:13 AM

USD / CAD TECHNICAL OUTLOOK Short

U.S. Dollar/Canadian DollarFXCM

Description

1) USD /CAD moves downside to 1.3700 on weaken US Dollar.

2) The bearish outlook for USD / CAD remain below the 50, 100 AND 200 moving average ( 1 hour TF ).

3) Major support level seen at 1.3655.

Technically, the bearish outlook for USD/CAD remains intact as the pair holds below the 50- and 100-day Exponential Moving Averages (EMAs) on the four-hour chart. Additionally, the Relative Strength Index (RSI) is located in the bearish territory below 50, which means the path of the least resistance of USD/CAD is to the downside.
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