USD/CAD Price Analysis: Struggles to gain momentum beyond 1.3200, eyes on FOMC – by lilyfinancial USDCAD Technical Analysis Majors
The pair holds below the 50- and 100-hour EMAs with a downward slope.Thepair attracts some follow-through buying but struggles to gain momentum beyond the 1.3200 area during the Asian session on Wednesday. Traders await the closely-watched Federal Open Market Committee meeting scheduled later in the North American session. The major pair is trading at 1.3185, gaining 0.09% for the day.
The Conference Board survey revealed that US consumer confidence reached a two-year high in July. The figure rose to 117.0 from 110.1 in June, the highest reading since July 2021. The data bolstered optimism that the economy could avoid a recession this year. This, in turn, could support the greenback and cap the upside in the commodity-linked Loonie.
That said, the immediate resistance level is seen at 1.3200, representing the confluence of a psychological round mark and the 100-hour EMA. Any meaningful follow-through buying above the latter will see a rally to the next barrier at 1.3230 . Following that, the June 15 swing high of 1.3355 will be in focus. The 1.3390–1.3400 zone appears to be a tough nut to crack for USD/CAD.
Looking at the downside, any extended weakness below 1.3145 will challenge the next downside filter at 1.3120 and 1.3090 .
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