The USD/CAD gained traction on Tuesday, barely gaining 0.06%, and formed a spinning top. As the Asian session begins, the USD/CAD is subdued, with minuscule losses of 0.02%, trading at 1.3442.
USD/CAD Price action
The USD/CAD shifted from neutral to neutral-downward biased, based on price action tumbling below the 50 and 100-day Exponential Moving Averages (EMAs) at 1.3571 and 1.3515. That price action opened the door for further losses, with sellers eyeing a challenge of the 200-day EMA at 1.3372. Nevertheless, a spinning top emerged, with sellers taking a respite before committing to lower prices.
If USD/CAD drops below 1.3405, the current week’s low, that would open the door to testing the 200-day EMA. A break below and USD/CAD would dive into testing the YTD low at 1.3262.
Otherwise, a rebound at the 200-day EMA will underpin the USD/CAD towards the 1.3400 area. A decisive break and the major could rally initially toward the 100 and 50-day EMAs before challenging the 20-day EMA At 1.3584. Upside risks lie at 1.3600.
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