Technical analysis: Canadian Dollar surges to within reach of 1.3500 against Greenback

The Canadian Dollar (CAD) is broadly higher on Wednesday, gaining over half a percent against the US Dollar (USD) and around a third of a percent against the Swiss Franc (CHF). The CAD is down around half a percent against the Australian Dollar (AUD) as the Aussie stands as the market’s best-performing currency for the day.

USD/CAD tumbled into 1.3510 from Wednesday’s intraday high near the 1.3600 handle. The pair is within range of slipping back into 1.3500 after falling through the 200-hour Simple Moving Average (SMA) at 1.3551.

Daily candlesticks are on pace to see one of their worst performances since December, with USD/CAD falling over 0.6% top-to-bottom on Wednesday. The technical floor underneath USD/CAD sits at the 200-day SMA at 1.3477.