“¢ For the third straight session, the pair failed to find bearish acceptance below 100-day SMA and once again managed to stage a goodish bounce from sub-1.3300s level.
“¢ The mentioned region also nears 50% Fibo. retracement level of the 1.3112-1.3469 recent up-move and should act as a key pivotal point for the pair’s near-term trajectory.
“¢ Currently hovering around 38.2% Fibo. level, the overnight swing high near the 1.3375 region – coinciding with 23.6% Fibo. level seemed to be the immediate target for bulls.
“¢ Alternatively, a sustained break below the mentioned support could lead to some more technical selling and accelerate the slide towards 61.8% Fibo. level, around mid-1.3200s.
“¢ Mixed technical indicators on hourly/daily charts haven’t been supportive of any firm near-term direction and warrant some cautions before placing any directional bets.
USD/CAD daily chart
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