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USD/CAD Technical Analysis: Bearish slide pauses near 50% Fibo. level ahead of BoC/FOMC minutes

   •  The USD/CAD pair remained under some heavy selling pressure for the fifth consecutive session and fell to over one-month lows, around the 1.3225 region on Wednesday.

   •  The overnight rejection from an important confluence support break-point, now turned resistance, point to an extension of the sharp corrective slide from over 19-month tops. 

   •  However, oversold conditions on hourly charts helped find some support near 50% Fibo. retracement level of the early Oct. to early Jan. upsurge of nearly 900-pips.

   •  Meanwhile, oscillators on daily chart have just been gaining negative traction and are still far from being oversold, suggesting that any attempted bounce might get sold into.

   •  The price-action clearly indicate that traders are holding back from placing aggressive bets ahead of the key event risks - BoC policy decision and the FOMC meeting minutes.

USD/CAD daily chart

USD/CAD

Overview:
    Today Last Price: 1.3239
    Today Daily change: -38 pips
    Today Daily change %: -0.286%
    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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