USD/CAD Technical Analysis: Drops to fresh weekly lows, bears eyeing one-month-old trend-channel support

Haresh Menghani FXStreet

• The pair extended this week's retracement slide from near 4-month tops and dropped to 100-period SMA on the 4-hourly chart during the early North-American session on Friday.

• With technical indicators on the mentioned chart holding in bearish territory, bearish traders are likely to aim towards challenging one-month-old ascending trend-channel support.

• A convincing breakthrough the channel support would indicate that the pair might have already topped out in the near-term and pave the way for an extension of the corrective slide.

USD/CAD 4-hourly chart

USD/CAD

Overview:
    Last Price: 1.3148
    Daily change: -36 pips
    Daily change: -0.273%
    Daily Open: 1.3184
Trends:
    Daily SMA20: 1.3137
    Daily SMA50: 1.3045
    Daily SMA100: 1.3068
    Daily SMA200: 1.2963
Levels:
    Daily High: 1.3253
    Daily Low: 1.3156
    Weekly High: 1.3233
    Weekly Low: 1.3056
    Monthly High: 1.3172
    Monthly Low: 1.2783
    Daily Fibonacci 38.2%: 1.3193
    Daily Fibonacci 61.8%: 1.3216
    Daily Pivot Point S1: 1.3143
    Daily Pivot Point S2: 1.3101
    Daily Pivot Point S3: 1.3046
    Daily Pivot Point R1: 1.3239
    Daily Pivot Point R2: 1.3294
    Daily Pivot Point R3: 1.3336

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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