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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

USD/CAD

Overview:
    Today Last Price: 1.3435
    Today Daily change: -44 pips
    Today Daily change %: -0.326%
    Today Daily Open: 1.3479
Trends:
    Previous Daily SMA20: 1.3318
    Previous Daily SMA50: 1.3198
    Previous Daily SMA100: 1.3106
    Previous Daily SMA200: 1.3033
Levels:
    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

 

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