USD/CAD spikes to session tops, around mid-1.4100s in reaction to BoC’s surprise rate cut
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Greenback on the back foot vs. CAD, trades below 1.4100 figure

  • USD/CAD starts the week by retreating slightly below the 1.4100 figure.
  • The level to beat for sellers is the 1.3985 support. 

 

USD/CAD daily chart

 

USD/CAD is evolving above its main SMAs on the daily chart suggesting an underlying bullish bias while the spot is currently consolidating the advance made in March. 

 

USD/CAD four-hour chart

 

USD/CAD is trading under its main SMAs on the four-hour chart while being capped below the 1.4100 level. Bears are maintaining a degree of control and the 1.3985 support level could be challenged in the next sessions with the potential of a breakdown towards the 1.3850 and 1.3800 levels. Resistance can emerge near the 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

 

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