USD/CAD Price Analysis: Greenback down, challenges 1.4000 figure vs. Canadian dollar

 

 

USD/CAD is trading above the main SMAs on the daily chart suggesting an overall bullish bias. However, the market is consolidating the impressive advance made in March. The oil prices recovery is boosting CAD. The greenback weakness is putting extra pressure on USD/CAD.

 

 

USD/CAD turned lower under the main SMAs on the four-hour chart while breaking below the 1.4100 level. Sellers seem to be back in control and the 1.3985 support level might be put to the test in the coming sessions with a potential breakdown towards the 1.3850 and 1.3800 levels. Resistance can be expected near 1.4070, 1.1415 and 1.4170 levels.