The increasing selling bias around the US dollar is fuelling the downside momentum around the USD/CAD pair. The US dollar was weakening versus its Canadian counterpart the whole Wednesday. Sellers pressured the 1.3400 handle first and then dragged the major to the 1.3370 area where they took a breather. Bears continued their decline in the mid-European session and easily broke through the 1.3350 and drove the market to the 1.3320 area where the EMA50 not blocked their way, but also rejected the pair upwards. The exchange rate bounced to the 1.3380 area after that. The moving averages are going north. MACD continued moving lower in the positive area. The RSI oscillator reached the oversold readings. The resistance stands at 1.3400, the support is at 1.3350.
The pair now seems to be heading towards its immediate resistance at 1.3400 which might be reached within the next sessions.