- The USD/CAD is on the defensive at 1.3175, having breached the 4-hour 50-candle exponential moving average (EMA) earlier today.
- The pullback from 1.3264 to 1.3175 validates the bearish divergence of the RSI seen on the 4-hour chart. Notably, the RSI has not dipped below 50.00.
- On the daily chart, both 5-, 10-period EMAs are beginning to roll over in favor of the bears.
- As a result, the spot looks set to test the support at 1.3147 - confluence of the ascending (bullish) 4H 100-period EMA and the trendline connecting the Oct. 1 and Oct. 24 lows. A deeper drop could be in the offing if the spot finds acceptance below that key support.
4-hour Chart
-636779268381406023.png)
Trend: Bearish
USD/CAD
Overview:
Last Price: 1.3174
Daily change: -10 pips
Daily change: -0.0758%
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
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