USD/CAD technical analysis: Poised to weaken farther, break below 1.3100 mark looks a distinct possibility

The USD/CAD pair met with some fresh supply at the start of a new trading week and weakened farther below the 1.3200 handle, back closer to multi-month lows.
The ongoing upsurge in Crude Oil prices continued benefitting the commodity-linked currency - Loonie and turned out to be one of the key factors exerting pressure.

Haresh Menghani FXStreet

Given last week’s decisive break below an important confluence support – comprising of the very important 200-day SMA and near five-month-old ascending trend-channel, the price action clearly indicates that the near-term bearish pressure might still be far from being over.

Meanwhile, technical indicators on hourly charts have managed to move away from oversold conditions and maintained their bearish bias on the daily chart, reinforcing the near-term bearish breakdown and supporting prospects for an extension of the ongoing bearish trajectory.

A fresh wave of selling below mid-1.3100s (recent swing lows) now seems to accelerate the fall towards the 1.3100 round figure mark before the pair eventually drops to challenge yearly lows, around the 1.3070-65 region touched in early- February.

On the flip side, any attempted recovery back above the 1.3200 handle now seems to confront some fresh supply near the 1.3245-50 region and is likely to remain capped at the confluence support breakpoint, around the 1.3275-80 zone.

USD/CAD daily chart

USD/CAD

Overview
Today last price	1.3184
Today Daily Change	-0.0036
Today Daily Change %	-0.27
Today daily open	1.322

Trends
Daily SMA20	1.3373
Daily SMA50	1.3409
Daily SMA100	1.3356
Daily SMA200	1.3287

Levels
Previous Daily High	1.3232
Previous Daily Low	1.3162
Previous Weekly High	1.3434
Previous Weekly Low	1.3151
Previous Monthly High	1.3566
Previous Monthly Low	1.3357
Daily Fibonacci 38.2%	1.3205
Daily Fibonacci 61.8%	1.3189
Daily Pivot Point S1	1.3178
Daily Pivot Point S2	1.3136
Daily Pivot Point S3	1.3109
Daily Pivot Point R1	1.3247
Daily Pivot Point R2	1.3274
Daily Pivot Point R3	1.3316

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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