- USD/CAD turns lower as the oil prices recovery favor CAD.
- Greenback weakness is also weighing on USD/CAD.
USD/CAD daily chart
USD/CAD is trading above the main SMAs on the daily chart suggesting an overall bullish bias. However, the market is consolidating the impressive advance made in March. The oil prices recovery is boosting CAD. The greenback weakness is putting extra pressure on USD/CAD.
USD/CAD four-hour chart
USD/CAD turned lower under the main SMAs on the four-hour chart while breaking below the 1.4100 level. Sellers seem to be back in control and the 1.3985 support level might be put to the test in the coming sessions with a potential breakdown towards the 1.3850 and 1.3800 levels. Resistance can be expected near 1.4070, 1.1415 and 1.4170 levels.
Resistance: 1.4070, 1.4115, 1.4170
Support: 1.3985, 1.3850, 1.3800
Additional key levels