USD/CAD Technical Analysis: Greenback on the back foot ahead of Fed and Manufacturing PMI

USD/CAD daily chart

• USD/CAD is trading in a bull trend above its 200 simple moving average (SMA).
• Traders will closely be watching the US ISM Manufacturing PMI for April at 14:00 GMT followed by the more relevant Federal Reserve Monetary Policy Statement at 18:00 GMT.

USD/CAD 4-hour chart

• USD/CAD is trading below 1.3440 and its 50 SMA suggesting a correction down in the medium term
• There is no sign of the bears slowing down. If the 1.3400 area caps advances, 1.3350 can be next to the downside.
• Resistance is at 1.3440 and 1.3520 level.

Additional key levels