USD/CAD Technical Analysis: Extends recovery move from 1.3050 horizontal zone
|• The pair stalled Friday's rejection slide from a short-term descending trend-channel hurdle and once again managed to catch some fresh bids near the 1.3050 support area.
• However, technical indicators on the 4-hourly chart remain in bearish territory and hence, follow-through up-move seems more likely to confront fresh supply at higher levels.
• A sustained weakness below the above-mentioned support would negate prospects for any near-term positive momentum and turn the pair vulnerable to slide further.
USD/CAD 4-hourly chart
Spot Rate: 1.3071
Daily Low: 1.3054
Trend: Bearish below mid-1.3000s
Resistance
R1: 1.3100 (round figure mark)
R2: 1.3136 (50-day SMA)
R3: 1.3175 (over 3-week tops set last Wednesday)
Support
S1: 1.3054 (current day swing low)
S2: 1.3019 (S1 daily pivot-point)
S3: 1.2980 (100-day SMA)
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