• The USD/CAD pair remained under some heavy selling pressure for the fifth consecutive session and fell to over one-month lows, around the 1.3225 region on Wednesday.
• The overnight rejection from an important confluence support break-point, now turned resistance, point to an extension of the sharp corrective slide from over 19-month tops.
• However, oversold conditions on hourly charts helped find some support near 50% Fibo. retracement level of the early Oct. to early Jan. upsurge of nearly 900-pips.
• Meanwhile, oscillators on daily chart have just been gaining negative traction and are still far from being oversold, suggesting that any attempted bounce might get sold into.
• The price-action clearly indicate that traders are holding back from placing aggressive bets ahead of the key event risks - BoC policy decision and the FOMC meeting minutes.
USD/CAD daily chart
USD/CAD
Overview:
Today Last Price: 1.3239
Today Daily change: -38 pips
Today Daily change %: -0.286%
Today Daily Open: 1.3277
Trends:
Previous Daily SMA20: 1.3522
Previous Daily SMA50: 1.3348
Previous Daily SMA100: 1.3181
Previous Daily SMA200: 1.308
Levels:
Previous Daily High: 1.3324
Previous Daily Low: 1.3268
Previous Weekly High: 1.3666
Previous Weekly Low: 1.338
Previous Monthly High: 1.4134
Previous Monthly Low: 1.316
Previous Daily Fibonacci 38.2%: 1.3289
Previous Daily Fibonacci 61.8%: 1.3302
Previous Daily Pivot Point S1: 1.3255
Previous Daily Pivot Point S2: 1.3233
Previous Daily Pivot Point S3: 1.3199
Previous Daily Pivot Point R1: 1.3311
Previous Daily Pivot Point R2: 1.3345
Previous Daily Pivot Point R3: 1.3367
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