USD/CAD Technical Analysis: Drops to 1-1/2 week lows, testing 23.6% Fibo. level support
• The pair finally broke down of its late US/early Asian session consolidation phase and extended overnight sharp retracement slide to hit fresh 1-1/2 week lows in the last hour.
• The overnight bearish crossover on the 1-hourly chart - 50-hour SMA falling below 200-hour SMA, point to an extension of the corrective slide from over 18-month tops.
• However, technical indicators on the mentioned chart have drifted into oversold territory and should help limit the downside near 23.6% Fibo. level of the 1.2782-1.3665 upsurge.
• Meanwhile, oscillators on the daily chart were also seen losing positive momentum and hence, any attempted recovery seems more likely to get sold into near the 1.3500 handle.
USD/CAD 1-hourly chart
Today Last Price: 1.3462
Today Daily change: -20 pips
Today Daily change %: -0.148%
Today Daily Open: 1.3482
Previous Daily SMA20: 1.3529
Previous Daily SMA50: 1.3336
Previous Daily SMA100: 1.3174
Previous Daily SMA200: 1.3074
Previous Daily High: 1.366
Previous Daily Low: 1.3469
Previous Weekly High: 1.4134
Previous Weekly Low: 1.3564
Previous Monthly High: 1.4134
Previous Monthly Low: 1.316
Previous Daily Fibonacci 38.2%: 1.3542
Previous Daily Fibonacci 61.8%: 1.3587
Previous Daily Pivot Point S1: 1.3414
Previous Daily Pivot Point S2: 1.3346
Previous Daily Pivot Point S3: 1.3224
Previous Daily Pivot Point R1: 1.3605
Previous Daily Pivot Point R2: 1.3727
Previous Daily Pivot Point R3: 1.3795