USD/CAD Technical Analysis: Extends recovery move from 1.3050 horizontal zone

Haresh Menghani FXStreet

• The pair stalled Friday's rejection slide from a short-term descending trend-channel hurdle and once again managed to catch some fresh bids near the 1.3050 support area.

• However, technical indicators on the 4-hourly chart remain in bearish territory and hence, follow-through up-move seems more likely to confront fresh supply at higher levels.

• A sustained weakness below the above-mentioned support would negate prospects for any near-term positive momentum and turn the pair vulnerable to slide further.

USD/CAD 4-hourly chart

Spot Rate: 1.3071
Daily Low: 1.3054
Trend: Bearish below mid-1.3000s

Resistance
R1: 1.3100 (round figure mark)
R2: 1.3136 (50-day SMA)
R3: 1.3175 (over 3-week tops set last Wednesday)

Support
S1: 1.3054 (current day swing low)
S2: 1.3019 (S1 daily pivot-point)
S3: 1.2980 (100-day SMA)

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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