USD/CAD Technical Analysis: Set-up points to an extension of the rejection slide from 1.30 mark
• The pair extended overnight rejection slide from 50% Fibonacci retracement level of the 1.3227-1.2782 downfall, forming a bearish double-top chart pattern on the 1-hourly chart.
• A subsequent fall below 38.2% Fibonacci level and 100-hour SMA, coupled with negative technical indicators on the mentioned chart adds credence to the bearish formation.
• Hence, the downfall seems more likely to get extended towards testing 200-hour SMA, currently near the 1.2900 handle, which if broken will confirm a near-term bearish breakdown.
USD/CAD 1-hourly chart
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USD/CAD
Overview:
Last Price: 1.294
Daily change: -6.0 pips
Daily change: -0.0463%
Daily Open: 1.2946
Trends:
Daily SMA20: 1.2948
Daily SMA50: 1.3014
Daily SMA100: 1.3056
Daily SMA200: 1.2873
Levels:
Daily High: 1.3006
Daily Low: 1.2934
Weekly High: 1.2956
Weekly Low: 1.278
Monthly High: 1.32
Monthly Low: 1.278
Daily Fibonacci 38.2%: 1.2962
Daily Fibonacci 61.8%: 1.2978
Daily Pivot Point S1: 1.2919
Daily Pivot Point S2: 1.2891
Daily Pivot Point S3: 1.2848
Daily Pivot Point R1: 1.299
Daily Pivot Point R2: 1.3033
Daily Pivot Point R3: 1.3061