USD/CAD Price Analysis: Edges lower to near 1.3500 despite a bullish momentum

• USD/CAD tries to snap its five-day winning plug on a subdued US Buck.
• A destroy below the seven-day EMA at 1.3456 can also lead the pair to take a look at the 1.3400 psychological diploma.
• The pair can also web resistance around 50% retracement diploma at 1.3536 adopted by the give a enhance to at 1.3550.

USD/CAD makes an strive to destroy its five-day winning plug, trading decrease across the 1.3500 psychological diploma all around the European session on Thursday. A destroy below the psychological diploma can also set up stress on the pair to navigate the plight across the seven-day Exponential Transferring Moderate (EMA) at 1.3456 aligned with primarily the most important give a enhance to at 1.3450 diploma.

If the USD/CAD pair surpasses the give a enhance to plight, it goes to be influenced to plot the psychological diploma at 1.3400.

Then again, the technical diagnosis of the Transferring Moderate Convergence Divergence (MACD) for the USD/CAD pair signifies a potential bullish sentiment in the market, as the MACD line is positioned above the centerline and shows divergence above the signal line.

Additionally, the lagging indicator, the 14-day Relative Strength Index (RSI), is positioned above 50, suggesting the affirmation of stronger momentum for the USD/CAD pair.

The diagnosis means that on the upside, the USD/CAD pair faces potential barriers, with the 50% retracement diploma at 1.3536 serving as an instantaneous obstacle. Previous that, a important resistance diploma stands at 1.3550.

If the pair manages to destroy above the latter, it goes to also assist bullish momentum, potentially ensuing in an exploration of the psychological resistance plight around 1.3600. Further upward circulation can also target the 61.8% Fibonacci retracement diploma at 1.3622.

USD/CAD: Day-to-day Chart

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