- USD/CAD attempts to snap its five-day winning streak on a controlled United States Dollar.
- A break listed below the seven-day EMA at 1.3456 might lead the set to evaluate the 1.3400 mental level.
- The set might discover resistance around 50% retracement level at 1.3536 followed by the assistance at 1.3550.
USD/CAD efforts to break its five-day winning streak, trading lower around the 1.3500 mental level throughout the European session on Thursday. A break listed below the mental level might put pressure on the set to browse the area around the seven-day Exponential Moving Average (EMA) at 1.3456 lined up with the significant assistance at 1.3450 level.
If the USD/CAD set goes beyond the assistance area, it might be affected to approach the mental level at 1.3400.
The technical analysis of the Moving Average Convergence Divergence (MACD) for the USD/CAD set shows a possible bullish belief in the market, as the MACD line is placed above the centerline and shows divergence above the signal line.
In addition, the delayed indication, the 14-day Relative Strength Index (RSI), is placed above 50, recommending the verification of more powerful momentum for the USD/CAD set.
The analysis shows that on the advantage, the USD/CAD set deals with possible barriers, with the 50% retracement level at 1.3536 working as an instant challenge. Beyond that, a substantial resistance level stands at 1.3550.
If the set handles to break above the latter, it might motivate bullish momentum, possibly causing an expedition of the mental resistance area around 1.3600. Additional upward motion may target the 61.8% Fibonacci retracement level at 1.3622.
USD/CAD: Daily Chart
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