USD/CAD Technical Analysis: 61.8% Fibo. level of the recent upsurge tested ahead of FOMC minutes
• The pair extended overnight bearish slide below 100-day SMA support and remained under some heavy selling pressure for the fourth consecutive session on Wednesday.
• The pair has now dropped to 61.8% Fibonacci retracement level of the 1.3069-1.3340 recent upsurge, which if broken might accelerate the slide towards 200-day SMA.
• Technical indicators on hourly/daily charts are holding in the negative territory and point to further downside, despite a modest USD rebound/pull-back in oil prices.
• However, a sustained recovery back above the 1.3200 handle might trigger a short-covering bounce towards 100-DMA support turned resistance, near the 1.3235 region.
USD/CAD 1-hourly chart
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USD/CAD
Overview:
Today Last Price: 1.3176
Today Daily change %: -0.27%
Today Daily Open: 1.3212
Trends:
Daily SMA20: 1.3231
Daily SMA50: 1.3356
Daily SMA100: 1.3253
Daily SMA200: 1.3152
Levels:
Previous Daily High: 1.3294
Previous Daily Low: 1.3204
Previous Weekly High: 1.3341
Previous Weekly Low: 1.3196
Previous Monthly High: 1.3664
Previous Monthly Low: 1.3118
Daily Fibonacci 38.2%: 1.3239
Daily Fibonacci 61.8%: 1.326
Daily Pivot Point S1: 1.3179
Daily Pivot Point S2: 1.3147
Daily Pivot Point S3: 1.3089
Daily Pivot Point R1: 1.3269
Daily Pivot Point R2: 1.3327
Daily Pivot Point R3: 1.3359