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USD/CAD – The pair stays within the bearish flag pattern

AnalyticsTrade Team
AnalyticsTrade Team Last updated on 1 Jan 2023
USDCAD analysis

Table of Contents

The USD/CAD pair is consolidating in the bullish corrective phase. The buyers look too thin to hold and may be dominated by the sellers again.

The pair stays within the bearish flag pattern and is on the verge of a bearish breakout. The 100-day moving average could hamper the path of bears. The 200-day SMA also points higher, showing signs of continued consolidation.

Fundamentally, the key event for the week ahead is the US jobs report and the Canadian employment data.

Key levels for USD/CAD

Support1: 1.3600

Support2: 1.3735

Support3: 1.3800

Resistance1: 1.3485

Resistance2: 1.3415

Resistance3: 1.3375

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