USD/CAD Technical Analysis: Extends overnight bearish breakthrough a confluence support

Haresh Menghani FXStreet

• The pair extended last week's sharp retracement slide from over 19-month tops and remained under some selling pressure for the fifth consecutive session.

• The pair weakened farther below a confluence support - comprising of an ascending trend-line, 50-day SMA and 38.2% Fibo. level of the Oct.-Dec. upsurge.

• Oscillators on the daily chart have been gaining negative momentum and support prospects for an extension of the ongoing bearish slide towards 50% Fibo. level.

USD/CAD daily chart

• However, technical indicators on hourly charts are pointing to highly oversold conditions and warrant caution ahead of the BoC decision/FOMC minutes on Wednesday.

USD/CAD

Overview:
    Today Last Price: 1.3274
    Today Daily change: -23 pips
    Today Daily change %: -0.173%
    Today Daily Open: 1.3297
Trends:
    Previous Daily SMA20: 1.3528
    Previous Daily SMA50: 1.3345
    Previous Daily SMA100: 1.3179
    Previous Daily SMA200: 1.3078
Levels:
    Previous Daily High: 1.339
    Previous Daily Low: 1.3278
    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%: 1.3321
    Previous Daily Fibonacci 61.8%: 1.3348
    Previous Daily Pivot Point S1: 1.3253
    Previous Daily Pivot Point S2: 1.321
    Previous Daily Pivot Point S3: 1.3141
    Previous Daily Pivot Point R1: 1.3365
    Previous Daily Pivot Point R2: 1.3434
    Previous Daily Pivot Point R3: 1.3477

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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