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USD/CAD Technical Analysis: Sharp decline leading into possible recovery zone at Fibo level

  • USD/CAD has been leaking steadily, declining over the past week from a consolidation peak near 1.3650, and the pair is now knocking on lows around 1.3230.

USD/CAD, 15-Minute

  • After breaking from consolidation towards the downside, a weakening US Dollar coupled with rising crude oil prices is seeing the Loonie rapidly recover ground against the Greenback, and the pair has dropped through all short-term support points from December’s build-up from 1.3225.

USD/CAD, 1-Hour

  • Looking back over the past quarter, USD/CAD is heading straight towards a significant support point at the 61.8% Fibo level near 1.3120, which will be the next likely reversal point if the US Dollar finds its footing again.

USD/CAD, 4-Hour

USD/CAD

Overview:
       Today Last Price:  1.3231
       Today Daily change:  -46  pips
       Today Daily change %:  -0.346%
       Today Daily Open:  1.3277
Trends:
       Previous Daily SMA20:  1.3522
       Previous Daily SMA50:  1.3348
       Previous Daily SMA100:  1.3181
       Previous Daily SMA200:  1.308
Levels:
       Previous Daily High:  1.3324
       Previous Daily Low:  1.3268
       Previous Weekly High:  1.3666
       Previous Weekly Low:  1.338
       Previous Monthly High:  1.4134
       Previous Monthly Low:  1.316
       Previous Daily Fibonacci 38.2%:  1.3289
       Previous Daily Fibonacci 61.8%:  1.3302
       Previous Daily Pivot Point S1:  1.3255
       Previous Daily Pivot Point S2:  1.3233
       Previous Daily Pivot Point S3:  1.3199
       Previous Daily Pivot Point R1:  1.3311
       Previous Daily Pivot Point R2:  1.3345
       Previous Daily Pivot Point R3:  1.3367

 

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