• USD/CAD tumbled to fresh YTD lows at around 1.3262 but recovered and reclaimed 1.3300.
• USD/CAD Price Analysis: Upward biased above 1.3250.

The USD/CAD recovered some ground, trimmed some of its Wednesday’s losses on Thursday, and rose by 0.19% after hitting a new YTD low at 1.3262. As the Asian session begins, the USD/CAD exchanges hands at 1.3313, below its opening price at the time of writing.

USD/CAD Price Analysis: Technical outlook

Technically speaking, the USD/CAD is still upward biased, once achieved to stay above the 200-day Exponential Moving Average (EMA) at 1.3256. However, it should be said that once the USD/CAD tumbled below a three-month-old upslope support trendline, it failed to clear the latter, exposing the USD/CAD pair to some selling pressure.

If the USD/CAD tumbles back below 1.3300, bears next target would be the 200-day EMA. Once broken, the USD/CAD could extend its losses towards 1.3200.

As an alternate scenario, if the USD/CAD extends its recovery beyond the trendline mentioned above that passes around 1.3350, that would exacerbate a rally to 1.3400. If the bulls moved in, the USD/CAD following target would be the 100-day EMA at 1.3409, followed by the 50-day EMA at 1.3440, ahead of the January 19 swing high at 1.3520.