CAD Canadian Dollar – USD/CAD breaks bottom and falls

The USD/CAD exchange rate fell below the technical bottom of 1.38 last week, breaking the bottoming trend in recent months. It is expected that the decline will continue further in the short term. The subsequent target is estimated at 1.37, with the next level referenced at 1.3650 and 1.3500, and then focus on last September’s low of 1.3418. Resistance looks back at 1.38 and the 25-day moving average of 1.3880. The key is the 1.40 mark that has not been broken recently.

Estimated range:
Resistance 1.3800 – 1.3880 - 1.4000*
Support 1.3700 – 1.3650 – 1.3500 – 1.3418

Focus:
Friday: Canada’s first quarter GDP (20:30)
 

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