- USD/CAD tests psychological resistance at 1.3600 on Tuesday.
- Technical analysis suggests a confirmation of the bullish trend for the pair.
- The key support zone appears around the 9-day EMA at 1.3552 and the main support at 1.3550.
USD/CAD extends its winning streak for the second consecutive session on Tuesday, amid stability in the US Dollar (USD), which could be attributed to risk aversion ahead of key US economic data. The USD/CAD pair has tested the psychological resistance of 1.3600 during the European session.
The 14-day Relative Strength Index (RSI) technical analysis is positioned above 50, suggesting bullish momentum for the USD/CAD pair to overcome the psychological resistance of 1.3600 before targeting the main barrier of 1.3650.
Furthermore, the MACD indicator indicates confirmation of an uptrend for the USD/CAD pair. This interpretation is based on the position of the MACD line above the center line and the signal line.
To the downside, the USD/CAD pair could find the key support region around the 9-day EMA at 1.3552, aligned with the main support level of 1.3550. A break below this zone could lead the pair to navigate the additional support region around the 23.6% Fibonacci retracement at 1.3505, along with the psychological level of 1.3500.
USD/CAD daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
