USD/CAD Technical Analysis: Extends overnight bearish breakthrough a confluence support
• The pair extended last week's sharp retracement slide from over 19-month tops and remained under some selling pressure for the fifth consecutive session.
• The pair weakened farther below a confluence support - comprising of an ascending trend-line, 50-day SMA and 38.2% Fibo. level of the Oct.-Dec. upsurge.
• Oscillators on the daily chart have been gaining negative momentum and support prospects for an extension of the ongoing bearish slide towards 50% Fibo. level.
USD/CAD daily chart
• However, technical indicators on hourly charts are pointing to highly oversold conditions and warrant caution ahead of the BoC decision/FOMC minutes on Wednesday.
Today Last Price: 1.3274
Today Daily change: -23 pips
Today Daily change %: -0.173%
Today Daily Open: 1.3297
Previous Daily SMA20: 1.3528
Previous Daily SMA50: 1.3345
Previous Daily SMA100: 1.3179
Previous Daily SMA200: 1.3078
Previous Daily High: 1.339
Previous Daily Low: 1.3278
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%: 1.3321
Previous Daily Fibonacci 61.8%: 1.3348
Previous Daily Pivot Point S1: 1.3253
Previous Daily Pivot Point S2: 1.321
Previous Daily Pivot Point S3: 1.3141
Previous Daily Pivot Point R1: 1.3365
Previous Daily Pivot Point R2: 1.3434
Previous Daily Pivot Point R3: 1.3477