USD/CAD Technical Analysis: Drops to fresh weekly lows, bears eyeing one-month-old trend-channel support
• The pair extended this week's retracement slide from near 4-month tops and dropped to 100-period SMA on the 4-hourly chart during the early North-American session on Friday.
• With technical indicators on the mentioned chart holding in bearish territory, bearish traders are likely to aim towards challenging one-month-old ascending trend-channel support.
• A convincing breakthrough the channel support would indicate that the pair might have already topped out in the near-term and pave the way for an extension of the corrective slide.
USD/CAD 4-hourly chart
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USD/CAD
Overview:
Last Price: 1.3148
Daily change: -36 pips
Daily change: -0.273%
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