USD/CAD Price Analysis: Remains vulnerable near multi-month lows, just above 1.3200 mark

USD/CAD edged lower for the fourth consecutive session on Thursday.
The technical set-up remains tilted firmly in favour of bearish traders.
The stage seems set for a slide towards descending channel support.

Haresh Menghani FXStreet

The USD/CAD pair remained depressed for the fourth straight day and dropped to near six-month lows, around the 1.3210 region during the mid-European session on Thursday.

The recent downfall since late June has been along a downward sloping channel, which points to a well-established bearish trend and supports prospects for further weakness.

Meanwhile, technical indicators on the daily chart maintained their bearish bias and are still far from being in the oversold conditions, reinforcing the negative outlook.

Hence, some follow-through weakness below the 1.3200 mark, towards challenging the trend-channel support near the 1.3160-55 region, now looks a distinct possibility.

On the flip side, any attempted recovery might now confront fresh supply near the 1.3255-60 horizontal zone, which if cleared might trigger a near-term short-covering bounce. The pair might then aim to reclaim the 1.3300 mark and aim towards testing the descending trend-channel resistance, around the 1.3360-70 region.

USD/CAD 4-hourly chart

Technical levels to watch

USD/CAD

Overview
Today last price	1.3219
Today Daily Change	-0.0027
Today Daily Change %	-0.20
Today daily open	1.3246

Trends
Daily SMA20	1.3393
Daily SMA50	1.3493
Daily SMA100	1.374
Daily SMA200	1.3532

Levels
Previous Daily High	1.3347
Previous Daily Low	1.3229
Previous Weekly High	1.3451
Previous Weekly Low	1.3234
Previous Monthly High	1.3646
Previous Monthly Low	1.3331
Daily Fibonacci 38.2%	1.3274
Daily Fibonacci 61.8%	1.3302
Daily Pivot Point S1	1.3201
Daily Pivot Point S2	1.3156
Daily Pivot Point S3	1.3083
Daily Pivot Point R1	1.3319
Daily Pivot Point R2	1.3392
Daily Pivot Point R3	1.3437

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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