USD/CAD technical analysis: Remains depressed near 1-1/2 week lows, below 1.3300 handle

Repeated failures near 1.3345 resistance formed a bearish double-top chart pattern.
The prevalent USD selling bias support prospects for a further depreciating move.

Haresh Menghani FXStreet

Having once again failed near the 1.3345 supply zone, the USD/CAD pair witnessed some aggressive selling on Thursday and tumbled below the 1.3300 round-figure mark.

Repeated rejections near the mentioned barrier formed a bearish double-top pattern on short-term charts, suggesting that the pair might have topped out in the near-term.

The pair struggled to gain any respite and remained depressed, well within the striking distance of 1-1/2 week lows through the Asian session on the last day of the week.

Moreover, oscillators on hourly charts have been gaining negative momentum and further adds credence to the bearish formation, supporting prospects for additional weakness.

However, technical indicators on the daily charts have just managed to hold in the bullish territory and warrant some caution before placing any aggressive bets.

Hence, it will be prudent to wait for some follow-through selling below 200-hour SMA before positioning for a further depreciating move amid the prevalent USD selling bias.

USD/CAD 1-hourly chart

USD/CAD

Overview
Today last price	1.3285
Today Daily Change	-0.0003
Today Daily Change %	-0.02
Today daily open	1.3288

Trends
Daily SMA20	1.3278
Daily SMA50	1.3267
Daily SMA100	1.3245
Daily SMA200	1.3288

Levels
Previous Daily High	1.3348
Previous Daily Low	1.3268
Previous Weekly High	1.3349
Previous Weekly Low	1.3205
Previous Monthly High	1.3384
Previous Monthly Low	1.3134
Daily Fibonacci 38.2%	1.3299
Daily Fibonacci 61.8%	1.3317
Daily Pivot Point S1	1.3255
Daily Pivot Point S2	1.3222
Daily Pivot Point S3	1.3176
Daily Pivot Point R1	1.3334
Daily Pivot Point R2	1.338
Daily Pivot Point R3	1.3413

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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