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USD/CAD Technical Analysis: Oversold conditions prompt some technical recovery from 100-DMA support

   •  The bearish pressure now seems to have abated, with the pair finding some support ahead of 100-day SMA and snapping six consecutive days of losing streak.

   •  Given this week's bearish breakthrough 50-day SMA and a 3-month-old ascending trend-line confluence support, the uptick could be solely attributed to short-covering. 

USD/CAD daily chart

   •  Highly oversold conditions on hourly charts seemed to be the only factor lending support and assisting the pair to stall its recent sharp fall from over 19-month tops.

   •  Meanwhile, a fall of over 1% in oil prices isn't helping the commodity-linked Loonie either and remains supportive of the attempted recovery move. 

   •  The uptick, however, remained capped at 100-hour SMA, currently around mid-1.3200s, and might now act as a key pivot-point in defining the intraday trajectory.

1-hourly chart

USD/CAD

Overview:
    Today Last Price: 1.3236
    Today Daily change: 20 pips
    Today Daily change %: 0.151%
    Today Daily Open: 1.3216
Trends:
    Previous Daily SMA20: 1.3514
    Previous Daily SMA50: 1.335
    Previous Daily SMA100: 1.3183
    Previous Daily SMA200: 1.3082
Levels:
    Previous Daily High: 1.3284
    Previous Daily Low: 1.318
    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%: 1.3219
    Previous Daily Fibonacci 61.8%: 1.3244
    Previous Daily Pivot Point S1: 1.3169
    Previous Daily Pivot Point S2: 1.3123
    Previous Daily Pivot Point S3: 1.3066
    Previous Daily Pivot Point R1: 1.3273
    Previous Daily Pivot Point R2: 1.333
    Previous Daily Pivot Point R3: 1.3376

 

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