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