USD/CAD retraces its recent losses from the previous session, edging upwards to near 1.3480 during Thursday's European session.
USD/CAD could test a nine-day EMA of 1.3497 and a psychological level of 1.3500. The major level of 1.3450 and the 38.2% Fibonacci retracement level of 1.3442 could act as key support levels. A break above the 1.3600 level could lead the pair to test March’s high of 1.3605. USD/CAD retraces its recent losses from the previous session, edging upwards to near 1.3480 during Thursday's European session.
A breach below this level could exert downward pressure on the pair, potentially leading it toward the support zone near the previous week’s low of 1.3419 and the psychological level of 1.3400. The technical analysis indicates mixed signals for the USD/CAD pair. The 14-day Relative Strength Index is positioned below 50, suggesting bearish momentum. However, the Moving Average Convergence Divergence suggests a potential momentum shift.
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