USD/CAD Technical Analysis: Bulls manage to defend weekly lows, only for the time being

Haresh Menghani FXStreet

• The pair tumbled around 50-pips in a knee-jerk reaction to hotter-than-expected Canadian consumer inflation figures, albeit managed to defend weekly lows.

• However, the fact that the pair is now trading below important intraday moving averages - 50, 100 & 200-hour SMA, suggests reemergence of near-term bearish pressure.

USD/CAD 1-hourly chart

• Technical indicators on hourly charts have been gaining negative momentum and remain in the bearish territory on the daily chart, adding credence to the negative outlook.

• Hence, a follow-through weakness, even below weekly lows support and the 1.3200 handle, towards challenging 100-day SMA strong support, now looks a distinct possibility.

USD/CAD

Overview:
    Today Last Price: 1.3257
    Today Daily change: -16 pips
    Today Daily change %: -0.128%
    Today Daily Open: 1.3274
Trends:
    Daily SMA20: 1.3464
    Daily SMA50: 1.3367
    Daily SMA100: 1.32
    Daily SMA200: 1.3097
Levels:
    Previous Daily High: 1.332
    Previous Daily Low: 1.3248
    Previous Weekly High: 1.339
    Previous Weekly Low: 1.318
    Previous Monthly High: 1.4134
    Previous Monthly Low: 1.316
    Daily Fibonacci 38.2%: 1.3293
    Daily Fibonacci 61.8%: 1.3276
    Daily Pivot Point S1: 1.3242
    Daily Pivot Point S2: 1.3209
    Daily Pivot Point S3: 1.317
    Daily Pivot Point R1: 1.3314
    Daily Pivot Point R2: 1.3353
    Daily Pivot Point R3: 1.3386

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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