USD/CAD stumbles toward 1.3330s on a soft US Dollar, eyeing the 100-DMA – by christianborjon USDCAD Majors Macroeconomics Technical Analysis
in the United States with PMIs entering the recessionary territory, weighed on the USD. At the time of writing, the USD/CAD is trading at 1.3338, below its opening price by 0.17%Sentiment remains upbeat, amidst low volume trading conditions, on the observance of the Thanksgiving holiday in the US.
Earlier, the Initial Jobless Claims for the last week exceeded estimates, showing that the labor market is easing. At the same time, US Durable Good Orders beat forecasts, signaling consumers’ resilience amidst a period of high inflation and higher borrowing costs., a gauge of the buck’s value against a basket of peers, is down b 0.23%, at 105.857, closing to the 200-day Exponential Moving Average at 105.272. If the 200-day EMA is broken, that will exacerbate a test of the 100.000 figure.
Therefore, the USD/CAD first support is 1.3300. The break below will expose the 100-day Exponential Moving Average at 1.3264, followed by 1.3200. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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