USD/CAD is trading around the vicinity of 1.3575, that being the 20-period simple moving average (SMA).
USD/CAD is in a trendless state within a horizontal channel since the pullback from the 4-year high of 1.4667.
USD/CAD lost ground once again within a sideways market – that begun around April 6.
USD/CAD found strong resistance near 1,4150 and reversed south again.
USD/CAD bounced aggressively by 1.6% on Wednesday to close slightly above the 1.4100 level.
USD/CAD held onto losses for the third day in a row, dropping to a one-month low of 1.3855 on Monday.
USD/CAD continues to find support from the mid-Bollinger band located at 1.4155.
USD/CAD has been congested within a downward-sloping channel on the four-hour chart.
USD/CAD looks to be overbought according to the technical indicators.
USD/CAD looks to be creating a floor below the eight-month high of 1.3463.