Trades below 1.3600 post-cutting intraday gains

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<li><strong>USD/CAD grapples to hold ground near 1.3590 despite upbeat US Dollar.</strong></li>
<li><strong>A break above 1.3600 could lead the pair to reach a 38.2% Fibonacci retracement at 1.3637.</strong></li>
<li><strong>A collapse below 1.3500 could influence the pair to navigate the previous week’s low at 1.3479.</strong></li>
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<p><a href="https://www.fxstreet.com/currencies/usdcad">USD/CAD</a> trims its intraday gains, struggling to recover recent losses despite the stronger US Dollar (USD). The USD/CAD pair trades higher around 1.3590 during the European session on Monday.</p>
<p>The robust employment data has sparked discussions about the future direction of the US Federal Reserve&#8217;s (Fed) <a href="https://www.fxstreet.com/economic-calendar/united-states">monetary policy</a> and the duration for which the central bank intends to keep rates at restrictive levels. This surge in discussions could bolster the strength of the USD to test the psychological level at 1.3600, which acts as a strong barrier before the 14-day Exponential Moving Average (EMA) at 1.3606.</p>
<p>A breakthrough above the psychological barrier could provide support for the USD/CAD pair to explore the 38.2% <a href="https://www.fxstreet.com/technical-analysis/support-resistance/fibonacci">Fibonacci</a> retracement at 1.3637 followed by the major level at 1.3650.</p>
<p>The technical indicators for the USD/CAD pair support the current downward trend. The Moving Average Convergence Divergence (MACD) line is positioned below the centerline and the signal line, indicating a bearish momentum in the USD/CAD pair.</p>
<p>Furthermore, the 14-day Relative Strength Index (RSI) below 50 indicates a dovish sentiment, indicating that the USD/CAD pair could meet the support around the major level of around 1.3550, following the next psychological support level at 1.3500 level. A break below the latter could push the bears of the USD/CAD pair to navigate the region around the previous week’s low at 1.3479.</p>
<h2>USD/CAD: Daily Chart</h2>
<p><a href="https://editorial.fxstreet.com/miscelaneous/image-638378801755767231.png" target="_blank" rel="noopener"><img decoding="async" src="https://editorial.fxstreet.com/miscelaneous/image-638378801755767231.png" style="width: 600px; height: 208px;" /></a></p>
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<br /><a href="https://www.fxstreet.com/news/usd-cad-price-analysis-trades-below-13600-post-cutting-intraday-gains-202312110833">Source link </a></p><p>The post <a href="https://forextraderhub.com/trades-below-1-3600-post-cutting-intraday-gains.html">Trades below 1.3600 post-cutting intraday gains</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>