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FORECAST :USD/CAD technical analysis: Bears take a breather near mid-1.3000s, Nov. 2018 swing lows

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USD/CAD technical analysis: Bears take a breather near mid-1.3000s, Nov. 2018 swing lows

  • The USD/CAD pair dropped to fresh nine-month lows on Thursday, albeit now seemed to have found some support ahead of mid-1.3000s.
  • The mentioned support nears Nov. 2018 swing lows and should now act as a key pivotal point for the next leg of a directional move.

Given the recent bearish break below important confluence support – comprising of the very important 200-day SMA and 5-1/2-month-old ascending trend-line, bearish traders are likely to maintain their dominant position.

However, technical indicators on the daily chart have moved on the verge of falling into the oversold territory, which might eventually turn out to be the only factor holding investors from placing any aggressive bearish bets.

Sustained weakness below the mentioned support will confirm a fresh near-term bearish breakdown, though traders are likely to wait for Friday’s important releases of monthly jobs report from Canada and NFP from the US.

A follow-through selling now seems to turn the pair vulnerable to accelerate the slide further towards challenging the key 1.30 psychological mark before the bearish momentum gets extended further towards the 1.2970-65 region.

On the flip side, attempted recoveries might now confront immediate resistance near the 1.3100 round figure mark and any subsequent up-move seems more likely to remain capped near weekly tops, around the 1.3140-45 supply zone.

 

USD/CAD

Overview
Today last price 1.3074
Today Daily Change 0.0017
Today Daily Change % 0.13
Today daily open 1.3057
Trends
Daily SMA20 1.3236
Daily SMA50 1.3367
Daily SMA100 1.3347
Daily SMA200 1.3293
Levels
Previous Daily High 1.312
Previous Daily Low 1.3057
Previous Weekly High 1.3218
Previous Weekly Low 1.306
Previous Monthly High 1.3529
Previous Monthly Low 1.306
Daily Fibonacci 38.2% 1.3081
Daily Fibonacci 61.8% 1.3096
Daily Pivot Point S1 1.3035
Daily Pivot Point S2 1.3014
Daily Pivot Point S3 1.2971
Daily Pivot Point R1 1.3099
Daily Pivot Point R2 1.3142
Daily Pivot Point R3 1.3163
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