The USD/CAD nears the 55 EMA on the Weekly chart.

The US dollar had been weakening versus the Canadian dollar since last week and it looks like it will continue with its downtrend for this week. However, we must be careful with the current drop on the pair, because it is nearing the 55 Exponential Moving Average on the Weekly chart, just as we see it on the chart below. The 55 EMA may not be too dependable on the lower timeframes, but on the higher timeframes like the weekly chart, this EMA may act as a very good support or resistance level. Therefore, we must pay attention to a possible visit of the price to the 55 EMA on the Weekly chart, because we may see a bounce from that zone to the upside.