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USD/CAD Technical Analysis: Sharp decline leading into possible recovery zone at Fibo level

  • USD/CAD has been leaking steadily, declining over the past week from a consolidation peak near 1.3650, and the pair is now knocking on lows around 1.3230.

USD/CAD, 15-Minute

  • After breaking from consolidation towards the downside, a weakening US Dollar coupled with rising crude oil prices is seeing the Loonie rapidly recover ground against the Greenback, and the pair has dropped through all short-term support points from December's build-up from 1.3225.

USD/CAD, 1-Hour

  • Looking back over the past quarter, USD/CAD is heading straight towards a significant support point at the 61.8% Fibo level near 1.3120, which will be the next likely reversal point if the US Dollar finds its footing again.

USD/CAD, 4-Hour

USD/CAD

Overview:
    Today Last Price: 1.3231
    Today Daily change: -46 pips
    Today Daily change %: -0.346%
    Today Daily Open: 1.3277
Trends:
    Previous Daily SMA20: 1.3522
    Previous Daily SMA50: 1.3348
    Previous Daily SMA100: 1.3181
    Previous Daily SMA200: 1.308
Levels:
    Previous Daily High: 1.3324
    Previous Daily Low: 1.3268
    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%: 1.3289
    Previous Daily Fibonacci 61.8%: 1.3302
    Previous Daily Pivot Point S1: 1.3255
    Previous Daily Pivot Point S2: 1.3233
    Previous Daily Pivot Point S3: 1.3199
    Previous Daily Pivot Point R1: 1.3311
    Previous Daily Pivot Point R2: 1.3345
    Previous Daily Pivot Point R3: 1.3367

 

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