USD/CAD technical analysis: Rejection slide from 1.3500 mark tests 100-hour SMA pivotal point
|• The USD/CAD pair stalled this week's goodish bounce from near one-month lows and once again failed to sustain/build on the momentum beyond the key 1.3500 psychological mark.
• The pair has now eroded a major part of its overnight up-move to weekly tops and also snapped two consecutive days of winning streak amid a modest USD pullback/positive Oil prices.
The intraday slide has now dragged the pair to 100-hour SMA important pivotal point, which if broken will be seen as a key trigger for intraday bearish traders and exert some additional downward pressure. Bearish technical indicators on the 1-hourly chart reinforce the negative outlook, albeit neutral oscillators on 4-hourly/daily charts warrant cautions before placing any aggressive positional trades.
Moreover, this week's slide below the 1.3380 horizontal support eventually turned out to be a fake-out, further making it prudent to wait for a convincing break through the recent broader trading range before traders start positioning for the pair's near-term trajectory either towards 100-day SMA, around the 1.3330 region, or towards reclaiming the 1.3600 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.