USD/CAD Technical Analysis: Corrects further below mid-1.3400s ahead of Canadian CPI/FOMC
• The pair reversed an intraday uptick back closer to 18-month tops and has now retreated to an ascending trend-channel resistance break-point turned support, below mid-1.3400s.
• A follow-through selling could drag the pair further towards confluence support, comprising of 50-hour SMA and 38.2% Fibonacci retracement level of the 1.3322-1.3497 recent upsurge.
• With technical indicators already losing positive momentum on the 1-hourly chart, failure to defend the mentioned support might turn the overnight upsurge as a fake breakout.
• Meanwhile, oscillators on 4-hourly/daily charts have managed to hold in the bullish territory and should help limit deeper losses ahead of Canadian CPI and the latest FOMC decision.
USD/CAD 1-hourly chart
Today Last Price: 1.3435
Today Daily change: -44 pips
Today Daily change %: -0.326%
Today Daily Open: 1.3479
Previous Daily SMA20: 1.3318
Previous Daily SMA50: 1.3198
Previous Daily SMA100: 1.3106
Previous Daily SMA200: 1.3033
Previous Daily High: 1.3498
Previous Daily Low: 1.3391
Previous Weekly High: 1.3424
Previous Weekly Low: 1.3292
Previous Monthly High: 1.336
Previous Monthly Low: 1.3048
Previous Daily Fibonacci 38.2%: 1.3457
Previous Daily Fibonacci 61.8%: 1.3432
Previous Daily Pivot Point S1: 1.3414
Previous Daily Pivot Point S2: 1.3349
Previous Daily Pivot Point S3: 1.3307
Previous Daily Pivot Point R1: 1.3521
Previous Daily Pivot Point R2: 1.3562
Previous Daily Pivot Point R3: 1.3627