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USD/CAD Technical Analysis: Corrective slide might be seen as a buying opportunity

   •  The pair has been scaling higher along a well-established ascending trend-channel over the past 2-1/2 months and was now seen retreating from the channel resistance.

USD/CAD daily chart

   •  Slightly overbought conditions on hourly charts seemed to have prompted traders to take some profits off the table, especially after the recent upsurge to over 18-month tops. 

   •  Technical indicators on the 1-hourly chart have already drifted into negative territory and support prospects for further long-unwinding pressure amid heavy USD selling bias.

   •  The further downside, however, is likely remain cushioned near another ascending trend-line support, held over the past one-week or so and nearing overnight swing low.

1-hourly chart


    Today Last Price: 1.3447
    Today Daily change: -48 pips
    Today Daily change %: -0.356%
    Today Daily Open: 1.3495
    Previous Daily SMA20: 1.333
    Previous Daily SMA50: 1.3206
    Previous Daily SMA100: 1.3111
    Previous Daily SMA200: 1.3037
    Previous Daily High: 1.3508
    Previous Daily Low: 1.3415
    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%: 1.3472
    Previous Daily Fibonacci 61.8%: 1.3451
    Previous Daily Pivot Point S1: 1.3438
    Previous Daily Pivot Point S2: 1.338
    Previous Daily Pivot Point S3: 1.3345
    Previous Daily Pivot Point R1: 1.353
    Previous Daily Pivot Point R2: 1.3565
    Previous Daily Pivot Point R3: 1.3622


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