USD/CAD technical analysis: Holds steady above 200-hour SMA/descending trend-line confluence resistance break point
|• The USD/CAD pair stalled its rejection slide from the key 1.3500 psychological mark and managed to regain traction from a support marked by 50% Fibo. level of the 1.3357-1.3503 recent up-move.
• The intraday uptick lifted the pair beyond an important confluence hurdle - comprising of 200-hour SMA, 38.2% Fibo. level and a downward sloping trend-line extending from the recent swing high.
Meanwhile, technical indicators on hourly/daily charts have struggled to gain any meaningful traction and seemed to be the only factor holding investors from placing any fresh bullish bets amid relatively thin liquidity conditions.
Hence, it would be prudent to wait for a sustained move beyond 23.6% Fibo. level resistance near the 1.3465-70 region before positioning for a move towards conquering the 1.3500 handle - a key trigger for any further positive move.
On the flip side, a decisive break below the 1.3430 region (50% Fibo. level) might negate any positive bias and prompt some technical selling and accelerate the slide further towards challenging the 1.3400 round figure mark.
USD/CAD 1-hourly chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.