11 Dec 2019
USD/CAD Price Analysis: Greenback slumps to 1.3200 handle against Canadian dollar ahead of FOMC
- USD/CAD is challenging the 1.3200 handle ahead of the Fed’s rate decision at 19:00 GMT.
- Support is seen at the 1.3160 price level.
USD/CAD daily chart
The loonie is trading in a range below the main daily simple moving averages (DMAs) ahead of the Fed’s rate decision at 19:00 GMT and the press conference at 19:30 GMT.
USD/CAD four-hour chart
USD/CAD is under bearish pressure below the main SMAs. The market is challenging the 1.3200 handle. If the sellers manage to break below it, the market could continue to decline towards the 1.3160 support level, according to the Technical Confluences Indicator.
USD/CAD 30-minute chart
USD/CAD is trading at weekly lows below the main SMAs. Resistances are seen at the 1.3246 and 1.3282 resistance levels.
Additional key levels