USD/CAD Price Analysis: Meets critical support near 1.2350

USD/CAD edges decrease on Wednesday in the early European session.
The formation of a couple of doji candlesticks mark indecisiveness amongst traders.
Momentum oscillator tactics the oversold zone, warns warning for aggressive bids.
USD/CAD stays on the backfoot in the center of the week. After trying out the low close to 1.2311, the pair managed to soar above 1.2340 amid draw back risk. At the time of writing, USD/CAD is buying and selling at 1.2343, down 0.11% for the day.
On the day by day chart, after trying out the excessive of 1.2896 on September 20, the USD/CAD pair got here below promoting pressure. The promoting stress intensified as soon as it broke beneath the 21-day Simple Moving Average (SMA) at 1.2680.

A day by day close beneath the session’s low would open gates for the 1.2300 horizontal help degree observed through the low made on June 17 at 1.2262. The receding Moving Average Convergence Divergence (MACD) would on the spot the USD/CAD bears to take out the 1.2200 horizontal help level.

Alternatively, on the greater facet the first goal seems to be the 1.2400 horizontal resistance degree and then march towards the excessive made on October, 14 at 1.2445. Next, the market participant would preserve their eyes on the 1.2500 horizontal resistance level.


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