USD/CAD Technical Analysis: Bulls manage to defend weekly lows, only for the time being
• The pair tumbled around 50-pips in a knee-jerk reaction to hotter-than-expected Canadian consumer inflation figures, albeit managed to defend weekly lows.
• However, the fact that the pair is now trading below important intraday moving averages - 50, 100 & 200-hour SMA, suggests reemergence of near-term bearish pressure.
USD/CAD 1-hourly chart
-636834183732228214.png)
• Technical indicators on hourly charts have been gaining negative momentum and remain in the bearish territory on the daily chart, adding credence to the negative outlook.
• Hence, a follow-through weakness, even below weekly lows support and the 1.3200 handle, towards challenging 100-day SMA strong support, now looks a distinct possibility.
USD/CAD
Overview:
Today Last Price: 1.3257
Today Daily change: -16 pips
Today Daily change %: -0.128%
Today Daily Open: 1.3274
Trends:
Daily SMA20: 1.3464
Daily SMA50: 1.3367
Daily SMA100: 1.32
Daily SMA200: 1.3097
Levels:
Previous Daily High: 1.332
Previous Daily Low: 1.3248
Previous Weekly High: 1.339
Previous Weekly Low: 1.318
Previous Monthly High: 1.4134
Previous Monthly Low: 1.316
Daily Fibonacci 38.2%: 1.3293
Daily Fibonacci 61.8%: 1.3276
Daily Pivot Point S1: 1.3242
Daily Pivot Point S2: 1.3209
Daily Pivot Point S3: 1.317
Daily Pivot Point R1: 1.3314
Daily Pivot Point R2: 1.3353
Daily Pivot Point R3: 1.3386