USD/CAD Price Analysis: Greenback trades at fresh December lows against Canadian dollar, near 1.3100 handle

 

 

USD/CAD is creeping lower below the main daily simple moving averages (DMAs). On Wednesday, the currency pair hit a new December low at 1.3102

 

 

USD/CAD is under selling pressure below its main SMAs on the four-hour time frame. The market is making lower lows and lower highs as the bears are in control. The spot is challenging the 1.3100/1.3090 price zone as bulls reached fresh December lows. A break below the 1.3100/1.3090 support could open the doors to further losses towards the 1.3029 level. 

 

Meanwhile, the best bulls can expect is a range above the 1.3100/1.3090 support zone with a potential test of the 1.3160 resistance. Further up lie the 1.3200 and 1.3248 levels, according to the Technical Confluences Indicator.