Technical analysis: Canadian Dollar slumps back to 1.3700 against Greenback

The Canadian Dollar (CAD) was mixed on Wednesday. It rose around four-tenths of one percent against the Japanese Yen and the New Zealand Dollar. However, it shed a third of a percent against the Australian Dollar and backslid a quarter of a percent against the US Dollar.

USD/CAD rose to the 1.3700 handle on Wednesday as the Canadian Dollar recedes against the Greenback. The pair briefly set a multi-week low this week before returning to a familiar congestion zone.

Intraday price action is hung up on the 200-hour Exponential Moving Average (EMA) at 1.3692, and daily candlesticks have snapped a near-term losing streak. The 50-day EMA at 1.3675 provides technical support, and the pair continues to grind out a medium-term consolidation pattern north of the 200-day EMA at 1.3582.