USD/CAD Technical Analysis: 61.8% Fibo. level of the recent upsurge tested ahead of FOMC minutes

   •  The pair extended overnight bearish slide below 100-day SMA support and remained under some heavy selling pressure for the fourth consecutive session on Wednesday.

   •  The pair has now dropped to 61.8% Fibonacci retracement level of the 1.3069-1.3340 recent upsurge, which if broken might accelerate the slide towards 200-day SMA.

   •  Technical indicators on hourly/daily charts are holding in the negative territory and point to further downside, despite a modest USD rebound/pull-back in oil prices.

   •  However, a sustained recovery back above the 1.3200 handle might trigger a short-covering bounce towards 100-DMA support turned resistance, near the 1.3235 region.

USD/CAD 1-hourly chart


    Today Last Price: 1.3176
    Today Daily change %: -0.27%
    Today Daily Open: 1.3212
    Daily SMA20: 1.3231
    Daily SMA50: 1.3356
    Daily SMA100: 1.3253
    Daily SMA200: 1.3152
    Previous Daily High: 1.3294
    Previous Daily Low: 1.3204
    Previous Weekly High: 1.3341
    Previous Weekly Low: 1.3196
    Previous Monthly High: 1.3664
    Previous Monthly Low: 1.3118
    Daily Fibonacci 38.2%: 1.3239
    Daily Fibonacci 61.8%: 1.326
    Daily Pivot Point S1: 1.3179
    Daily Pivot Point S2: 1.3147
    Daily Pivot Point S3: 1.3089
    Daily Pivot Point R1: 1.3269
    Daily Pivot Point R2: 1.3327
    Daily Pivot Point R3: 1.3359


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