Technical analysis: USD/CAD drifts into the low side as Greenback waffles

The Canadian Dollar (CAD) found room above the US Dollar on Thursday, climbing around a third of a percent against the Greenback, but overall the Loonie is moderately softer across the broader FX market. The CAD lost around half a percent against the Japanese Yen (JPY), the Australian Dollar (AUD) and the New Zealand Dollar (NZD). The Canadian Dollar is flat against the Euro (EUR) as both currencies struggle to find moves.

USD/CAD found a near-term floor at 1.3500 on Wednesday, and Thursday’s US Dollar-bearish flows finished the job, knocking the pair toward 1.3460. The Dollar-Loonie pair is down around a full percent from the week’s peak bids at 1.3605.

Thursday’s decline drags the USD/CAD pair back into the 200-day Simple Moving Average (SMA) at 1.3477, and the immediate technical floor is priced in at the last meaningful swing low toward 1.3350.