USD/CAD Price Analysis: Greenback challenges 1.3153 support, eyeing December lows

 

 

USD/CAD remains very choppy below the main daily simple moving averages (DMAs). On the first day of the week, the market challenged the November low but failed to find much selling interest there. 

 

 

USD/CAD remains under bearish pressure below the main SMAs on the four-hour time frame. The spot is making lower lows and lower highs, leaving the bears in control. The market is challenging the 1.3153 level as bulls want to retest the December low. A break below the 1.3112 support would be very bearish, opening the gates for further declines towards the 1.3085 and 1.3030 levels. 

 

On the flip side, if the bulls manage to retake the 1.3200 handle, buyers could set their eyes on the 1.3249 and 1.3280 levels, according to the Technical Confluences Indicator.