USD/CAD Price Analysis: Greenback vulnerable near 26-month lows, sub-1.3000 handle

 

 

USD/CAD is under selling pressure below the main daily simple moving averages (SMAs). The market is trading in a tight consolidation below the 1.3000 handle near levels not seen since October 2018.

 

 

The market is having a sideways consolidation below the 1.3000 handle and the main SMAs. The spot remains fragile to bearish attacks with a potential incursion below the 1.2954 support, which can lead to more losses towards the 1.2873/1.2846 support zone. Conversely, a strong bounce from the current level could become a candidate for a reversal up; however, buyers would need to overcome the 1.3048 and 1.3089 resistances to the upside, according to the Technical Confluences Indicator.