USD/CAD Technical Analysis: Attempted recovery likely to confront stiff resistance near 1.3225 region
• The pair's Asian session recovery move faced rejection at 200-hour SMA, with surging oil prices exerting some additional downward pressure through the European session on Monday.
USD/CAD 1-hourly chart
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• A decisive breakthrough 1-1/2-month-old ascending trend-channel and a subsequent fall below the 1.3200 handle as seen as a key trigger for bearish traders and a slide to 2-week lows.
Daily chart
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• Technical indicators on hourly charts have been drifting into bearish territory and have also started losing positive momentum on the daily chart, pointing to an extension of the downfall.
• Hence, any attempted rebound seems more likely to confront some fresh supply near the ascending trend-channel support break-point, now turned resistance, currently near the 1.3225 region.
USD/CAD
Overview:
Today Last Price: 1.3193
Today Daily change: -94 pips
Today Daily change %: -0.707%
Today Daily Open: 1.3287
Trends:
Previous Daily SMA20: 1.3215
Previous Daily SMA50: 1.3095
Previous Daily SMA100: 1.3079
Previous Daily SMA200: 1.3001
Levels:
Previous Daily High: 1.3334
Previous Daily Low: 1.3272
Previous Weekly High: 1.336
Previous Weekly Low: 1.3187
Previous Monthly High: 1.336
Previous Monthly Low: 1.3048
Previous Daily Fibonacci 38.2%: 1.331
Previous Daily Fibonacci 61.8%: 1.3296
Previous Daily Pivot Point S1: 1.3262
Previous Daily Pivot Point S2: 1.3237
Previous Daily Pivot Point S3: 1.3201
Previous Daily Pivot Point R1: 1.3323
Previous Daily Pivot Point R2: 1.3359
Previous Daily Pivot Point R3: 1.3384