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USD/CAD Technical Analysis: Approaches a confluence support ahead of US/Canadian PMI

   •  The pair extended last week's sharp retracement slide from the 1.3660-65 supply zone, or 19-month tops, and remained under some selling pressure for the fourth consecutive session.

   •  The bearish slide has now dragged the pair to a confluence support - comprising of near 3-month old ascending trend-line, 38.2% Fibo. level of the early-Oct. to late-Dec. upsurge and 10-day SMA.

   •  Technical indicators on hourly charts are already pointing to slightly oversold conditions and support prospects for a technical bounce from the mentioned support, near the 1.3320-15 region. 

   •  However, oscillators on the daily chart have just started gaining negative momentum and hence, any attempted rebound is likely to meet with some fresh supply/remain capped at the 1.3400 handle.

USD/CAD daily chart


    Today Last Price: 1.3351
    Today Daily change: -47 pips
    Today Daily change %: -0.351%
    Today Daily Open: 1.3398
    Previous Daily SMA20: 1.3533
    Previous Daily SMA50: 1.3342
    Previous Daily SMA100: 1.3177
    Previous Daily SMA200: 1.3076
    Previous Daily High: 1.3498
    Previous Daily Low: 1.338
    Previous Weekly High: 1.3666
    Previous Weekly Low: 1.338
    Previous Monthly High: 1.4134
    Previous Monthly Low: 1.316
    Previous Daily Fibonacci 38.2%: 1.3425
    Previous Daily Fibonacci 61.8%: 1.3453
    Previous Daily Pivot Point S1: 1.3353
    Previous Daily Pivot Point S2: 1.3308
    Previous Daily Pivot Point S3: 1.3236
    Previous Daily Pivot Point R1: 1.347
    Previous Daily Pivot Point R2: 1.3542
    Previous Daily Pivot Point R3: 1.3587


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