{"id":212445,"date":"2023-12-14T10:59:49","date_gmt":"2023-12-14T05:29:49","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=212445"},"modified":"2023-12-14T10:59:49","modified_gmt":"2023-12-14T05:29:49","slug":"edges-lower-to-1-3470-on-fed-decision-upbeat-oil-prices-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/edges-lower-to-1-3470-on-fed-decision-upbeat-oil-prices-crypto-news\/","title":{"rendered":"Edges lower to 1.3470 on Fed decision, upbeat Oil prices &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<p>\n                        <span class=\"fxs_socialmedia_bar_share_label\">Share:<\/span><\/p>\n<ul>\n<li><strong>USD\/CAD extends its losses on the subdued US Dollar after the dovish Fed decision.<\/strong><\/li>\n<li><strong>A drop below the 1.3400 psychological level could push the pair toward August&#8217;s low of 1.3378.<\/strong><\/li>\n<li><strong>A firm break above 1.3500 could lead to exploring the resistance region around the 23.6% Fibonacci retracement at 1.3565.<\/strong><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/usdcad\">USD\/CAD<\/a> moves\u00a0on a downward trajectory, pressured by the dovish stance of the US Federal Reserve&#8217;s Interest Rate Decision on Wednesday, aligning with widespread expectations. The USD\/CAD pair trades lower near 1.3470 during the Asian session on Thursday.<\/p>\n<p>The Federal Open Market Committee&#8217;s (FOMC) &#8220;Summary of Economic Projections&#8221; further intensifies the downward pressure, revealing a 50 basis points decline in the rate projection for 2024. The combination of these factors contributes to the bearish movement in the USD\/CAD pair.<\/p>\n<p>The upbeat <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/markets\/commodities\/energy\/oil\">Crude oil prices<\/a> contribute support to underpinning the Canadian Dollar (CAD). The USD\/CAD pair could further test the major support at the 1.3450 level.<\/p>\n<p>The technical indicator Moving Average Convergence Divergence (MACD) for the USD\/CAD pair is signaling a potential bearish trend. With the MACD line positioned below the centerline and exhibiting divergence below the signal line, the indication is that a further drop could lead the pair towards navigating the psychological region around the 1.3400 level, with the next support potentially found at August&#8217;s low of 1.3378.<\/p>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/analysis\">analysis<\/a> adds another layer to the dovish sentiment for the USD\/CAD pair, highlighting the 14-day Relative Strength Index (RSI) being below 50. This position of the RSI below 50 indicates a weakness in the pair, aligning with the broader bearish outlook.<\/p>\n<p>On the upside, the USD\/CAD pair encounters a significant psychological barrier at the 1.3500 level. A decisive breakthrough above this level could potentially ignite bullish momentum, prompting the USD\/CAD pair to explore the region around the major resistance at 1.3550, followed by the 23.6% <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/technical-analysis\/support-resistance\/fibonacci\">Fibonacci<\/a> retracement at 1.3565.<\/p>\n<p>If the pair manages to surpass these levels, the next target region would be the 21-day Exponential Moving Average (EMA) at 1.3599 and 1.3600 psychological levels.<\/p>\n<h2 class=\"fxs_headline_medium\">USD\/CAD: Daily Chart<\/h2>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/image-638381279298519550.png\"><\/a><\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share: USD\/CAD extends its losses on the subdued US Dollar after the dovish Fed decision. A drop below the 1.3400 psychological level could push the pair toward August&#8217;s low of 1.3378. A firm break above 1.3500 could lead to exploring the resistance region around the 23.6% Fibonacci retracement at 1.3565. USD\/CAD moves\u00a0on a downward trajectory, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,277,252,247,253,249,308,498,256,254],"class_list":["post-212445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-majors","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-technical-analysis","tag-usdcad","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/212445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=212445"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/212445\/revisions"}],"predecessor-version":[{"id":212446,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/212445\/revisions\/212446"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/4662"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=212445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=212445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=212445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}