Like all other major currency pairs, USD/CAD also trades modestly changed near 1.3440 during early Tuesday. Absence of the US traders and lack of fresh catalysts seem to have played their role.
The Memorial Day holiday at the US confined the pair’s moves yesterday whereas no major data/events from Canada also contributed to the lack of momentum.
Prices of crude oil, Canada’s largest export item, also remain under pressure after gradually recovering from the 100-day simple moving average (SMA) during late last week.
Technical Analysis
Not only 50-day SMA near 1.3410 but 1.3360 and 1.3330 level comprising 100-day SMA can also limit the immediate downside of the pair while 1.3510 and 1.3570 seem adjacent resistances to question nearby advances.