Technical analysis: Canadian Dollar broadly softer on Tuesday, but pares losses against Greenback

The Canadian Dollar (CAD) is broadly flat to lower against the majority of its major currency peers on Tuesday, shedding a quarter of a percent against both the Pound Sterling (GBP) and the Japanese Yen (JPY). The CAD is flat against both the US Dollar and the New Zealand Dollar (NZD), however, trading within a tenth of a percent of Tuesday’s opening bids.

The USD/CAD rose early Tuesday, getting rejected once again from the 1.3600 handle and trading back into congestion. The USD eased back to a session low of 1.3555 against the Canadian Dollar before the pair recovered to familiar territory near 1.3580.

USD/CAD continues to knock into the 1.3600 handle as daily candles pull into congestion. The pair continues to find support above the 200-day Simple Moving Average (SMA) at 1.3477.