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USD/CAD Technical Analysis: Struggles to build on Friday’s bullish breakout amid overbought conditions

   •  On Friday, the pair confirmed a bullish breakthrough a two-month-old ascending trend-channel formation and climbed to the 1.3600 handle, or 19-month tops.

   •  Technical indicators on the daily chart point to near-term overbought conditions and seemed to be the only factor keeping a lid on any further up-move. 

USD/CAD daily chart

   •  However, any profit-taking slide might attract some dip-buying near 100-hour SMA and should limit the downside near a short-term ascending trend-line.

   •  Moreover, oscillators on the 1-hourly chart have also cooled off from overbought conditions and thus, support prospects for an extension of the positive move.

USD/CAD

Overview:
    Today Last Price: 1.3593
    Today Daily change: -6.0 pips
    Today Daily change %: -0.0441%
    Today Daily Open: 1.3599
Trends:
    Previous Daily SMA20: 1.3364
    Previous Daily SMA50: 1.3227
    Previous Daily SMA100: 1.3121
    Previous Daily SMA200: 1.3043
Levels:
    Previous Daily High: 1.3602
    Previous Daily Low: 1.3478
    Previous Weekly High: 1.3602
    Previous Weekly Low: 1.3372
    Previous Monthly High: 1.336
    Previous Monthly Low: 1.3048
    Previous Daily Fibonacci 38.2%: 1.3554
    Previous Daily Fibonacci 61.8%: 1.3525
    Previous Daily Pivot Point S1: 1.3517
    Previous Daily Pivot Point S2: 1.3436
    Previous Daily Pivot Point S3: 1.3394
    Previous Daily Pivot Point R1: 1.3641
    Previous Daily Pivot Point R2: 1.3683
    Previous Daily Pivot Point R3: 1.3764

 

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