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- USD/CAD Price Analysis: Pair consolidates below 1.3550, focus on US economic data
USD/CAD Price Analysis: Pair consolidates below 1.3550, focus on US economic data
- USD/CAD holds ground below 1.3550 ahead of the US data.
- MACD suggests a potential momentum shift in the upward trajectory of the Loonie pair.
- 1.3500 psychological level emerges as the immediate support, following the 38.2% Fibonacci retracement.
USD/CAD continues its five-day losing streak, maintaining a negative bias and trading around 1.3540 during the early hours of the European session on Thursday. This downward pressure on the pair could be attributed to the rise in crude oil prices.
Market participants will likely monitor the upcoming data releases from the United States (US), including the Core Producer Price Index (PPI) and Retail Sales figures for August. These data sets will offer insights into economic activities in the US and can help traders in formulating their strategies for trading the USD/CAD pair.
The pair could encounter initial support around the 1.3500 psychological level, following the 38.2% Fibonacci retracement at 1.3466. A break below that level could influence the USD/CAD pair to navigate the region below the 1.3450 psychological level.
On the upside, an immediate barrier for the USD/CAD pair appears around the 23.6% Fibonacci retracement at 1.3553, followed by the nine-day Exponential Moving Average (EMA) at 1.3575.
A firm break above the 1.3600 psychological level could provide support for US Dollar (USD) buyers, allowing them to potentially target the area around the weekly high at 1.3636 following the 1.3700 psychological level.
The Moving Average Convergence Divergence (MACD) line remains above the centerline but shows divergence below the signal line. This configuration suggests a potential momentum shift in the market, which can be seen as a signal that the recent upward trend may start to weaken.
Traders of the USD/CAD pair will likely observe the 14-day Relative Strength Index (RSI), which suggests no significant momentum in either direction in the short term as it lies on the 50 level.
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