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