USD/CAD technical analysis: Sticks to Canadian CPI-led losses, flirting with weekly lows

Having repeatedly failed to near the 1.3345 supply zone, the USD/CAD pair met with some aggressive supply on Wednesday following the release of hotter-than-expected Canadian CPI report.
The pair has now dropped back to the lower end of its weekly trading range - around mid-1.3200s - which if broken decisively will set the stage for an extension of the ongoing corrective slide.

Haresh Menghani FXStreet

Meanwhile, technical indicators on the 1-hourly chart are already pointing to slightly oversold conditions and despite the pullback, maintained their bullish bias on the daily chart, warranting caution before placing any aggressive bearish bets.

However, a convincing break through the mentioned support might turn the pair vulnerable to accelerate the slide further towards challenging the 1.3200 round figure mark en-route monthly lows support near the 1.3180-75 region.

On the flip side, any attempted recovery now seems to confront some fresh supply near 200-hour SMA – around the 1.3275 region – above which the pair is likely to head back towards reclaiming the 1.3300 handle, coinciding with 100-hour SMA.

USD/CAD 1-hourly chart

USD/CAD

Overview
Today last price	1.3263
Today Daily Change	-0.0055
Today Daily Change %	-0.41
Today daily open	1.3318

Trends
Daily SMA20	1.3232
Daily SMA50	1.3185
Daily SMA100	1.3299
Daily SMA200	1.3314

Levels
Previous Daily High	1.3346
Previous Daily Low	1.3308
Previous Weekly High	1.334
Previous Weekly Low	1.3184
Previous Monthly High	1.3215
Previous Monthly Low	1.3016
Daily Fibonacci 38.2%	1.3323
Daily Fibonacci 61.8%	1.3332
Daily Pivot Point S1	1.3302
Daily Pivot Point S2	1.3287
Daily Pivot Point S3	1.3265
Daily Pivot Point R1	1.334
Daily Pivot Point R2	1.3362
Daily Pivot Point R3	1.3378

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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