USD/CAD Technical Analysis: Bears await a follow-through selling below 100-hour SMA
• The pair witnessed a sharp retracement from 1-1/2-month-old ascending trend-channel resistance following the Fed Chair Jerome Powell's dovish comment on Wednesday.
USD/CAD daily chart
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• The corrective slide, however, showed some resilience below 100-hour SMA, albeit persistent USD selling pressure failed to assist the pair to register any meaningful recovery.
1-hourly chart
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• Diverging technical indicators on hourly/daily charts haven't been supportive of any firm near-term direction and thus, warrant some caution before initiating fresh bearish positions.
• Meanwhile, a sustained weakness below 100-hour SMA might prompt some fresh technical selling and turn the pair vulnerable to head towards challenging the trend-channel support.
USD/CAD
Overview:
Today Last Price: 1.3255
Today Daily change: -12 pips
Today Daily change %: -0.0904%
Today Daily Open: 1.3267
Trends:
Previous Daily SMA20: 1.3197
Previous Daily SMA50: 1.308
Previous Daily SMA100: 1.3077
Previous Daily SMA200: 1.2994
Levels:
Previous Daily High: 1.336
Previous Daily Low: 1.3242
Previous Weekly High: 1.332
Previous Weekly Low: 1.3142
Previous Monthly High: 1.3172
Previous Monthly Low: 1.2783
Previous Daily Fibonacci 38.2%: 1.3287
Previous Daily Fibonacci 61.8%: 1.3315
Previous Daily Pivot Point S1: 1.322
Previous Daily Pivot Point S2: 1.3172
Previous Daily Pivot Point S3: 1.3101
Previous Daily Pivot Point R1: 1.3338
Previous Daily Pivot Point R2: 1.3408
Previous Daily Pivot Point R3: 1.3456