USD/CAD Technical Analysis: Corrective slide might be seen as a buying opportunity
• The pair has been scaling higher along a well-established ascending trend-channel over the past 2-1/2 months and was now seen retreating from the channel resistance.
USD/CAD daily chart
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• Slightly overbought conditions on hourly charts seemed to have prompted traders to take some profits off the table, especially after the recent upsurge to over 18-month tops.
• Technical indicators on the 1-hourly chart have already drifted into negative territory and support prospects for further long-unwinding pressure amid heavy USD selling bias.
• The further downside, however, is likely remain cushioned near another ascending trend-line support, held over the past one-week or so and nearing overnight swing low.
1-hourly chart
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USD/CAD
Overview:
Today Last Price: 1.3447
Today Daily change: -48 pips
Today Daily change %: -0.356%
Today Daily Open: 1.3495
Trends:
Previous Daily SMA20: 1.333
Previous Daily SMA50: 1.3206
Previous Daily SMA100: 1.3111
Previous Daily SMA200: 1.3037
Levels:
Previous Daily High: 1.3508
Previous Daily Low: 1.3415
Previous Weekly High: 1.3424
Previous Weekly Low: 1.3292
Previous Monthly High: 1.336
Previous Monthly Low: 1.3048
Previous Daily Fibonacci 38.2%: 1.3472
Previous Daily Fibonacci 61.8%: 1.3451
Previous Daily Pivot Point S1: 1.3438
Previous Daily Pivot Point S2: 1.338
Previous Daily Pivot Point S3: 1.3345
Previous Daily Pivot Point R1: 1.353
Previous Daily Pivot Point R2: 1.3565
Previous Daily Pivot Point R3: 1.3622