- USD/CAD meets with some fresh supply near 1.3400 mark on Wednesday.
- The downside remains cushioned ahead of BoC monetary policy decision.
The USD/CAD pair failed to capitalize on the overnight positive move and met with some fresh supply in the vicinity of the 1.3400 round-figure mark on Wednesday.
The recent pullback from nine-month tops has been finding some dip-buying near 200-hour SMA, which should now act as an important pivotal point for short-term traders.
The mentioned support is closely followed by the 1.3320-15 horizontal support and the 1.3300 mark, which if broken might be seen as a key trigger for bearish traders.
Meanwhile, technical indicators on hourly charts have just started drifting into the negative territory, albeit have still managed to hold with a bullish bias on the daily chart.
The set-up warrants some caution before placing any aggressive bets as investors look forward to the highly anticipated BoC monetary policy decision for a fresh directional impetus.
USD/CAD 1-hourly chart
Technical levels to watch
|Today last price||1.3355|
|Today Daily Change||-0.0015|
|Today Daily Change %||-0.11|
|Today daily open||1.337|
|Previous Daily High||1.3387|
|Previous Daily Low||1.3319|
|Previous Weekly High||1.3465|
|Previous Weekly Low||1.3225|
|Previous Monthly High||1.3465|
|Previous Monthly Low||1.3202|
|Daily Fibonacci 38.2%||1.3361|
|Daily Fibonacci 61.8%||1.3345|
|Daily Pivot Point S1||1.3331|
|Daily Pivot Point S2||1.3291|
|Daily Pivot Point S3||1.3263|
|Daily Pivot Point R1||1.3399|
|Daily Pivot Point R2||1.3427|
|Daily Pivot Point R3||1.3467|
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