USD/CAD Price Analysis: Greenback off December lows near 1.3100 vs. Canadian dollar

 

 

USD/CAD is under pressure below the main daily simple moving averages (DMAs). On Thursday, the currency pair had a small consolidation day.

 

 

USD/CAD is under bearish pressure below the main SMAs on the four-hour time frame. The spot is forming lower lows and lower highs as the sellers remain in control. USD/CAD is hovering just above the 1.3100/1.3090 price zone as bulls hit fresh December lows on Wednesday. A break below the mentioned support area could open the gates to further losses towards the 1.3029 level. 

 

On the flip side, if the buyers stepped in, the market could have a potential test of the 1.3160 resistance. Further up lie the 1.3200 and 1.3248 levels, according to the Technical Confluences Indicator.