USD/CAD Correction to 20-Day EMA May Offer Buying Opportunity
USD/CAD edged lower near 1.4175 during European trading as the US Dollar weakened on easing hawkish Fed expectations. A further correction to the 20-day EMA could present a buying opportunity.
USDCAD
The USD/CAD pair traded with a subdued tone around 1.4175 on Friday, edging lower as the US Dollar came under selling pressure. The greenback's decline is attributed to fading expectations of a hawkish Federal Reserve stance.
Technical analysis suggests that a deeper pullback toward the 20-day exponential moving average (EMA) may provide a favourable entry point for buyers. This level is seen as a potential support zone where renewed bullish interest could emerge.
Source: FXStreet Forex News