“¢ The pair extended last week’s sharp rejection slide from 100-day SMA and remained under some selling pressure for the sixth session in the previous seven.
“¢ A subsequent slide below the very important 200-day SMA, to hit near three-week lows around the 1.3125-20 region, clearly points to persistent selling interest.
“¢ Bearish technical indicators on daily/4-hourly charts reinforce the negative outlook, though oversold conditions on the 1-hourly chart helped limit deeper losses.
“¢ However, any attempted bounce back towards the mentioned MA, currently near mid-1.3100s might now be seen as an opportunity to initiate fresh bearish positions.
“¢ The pair now seems poised to extend the bearish trajectory and break through the 1.3100 handle towards testing January swing lows, around the 1.3070-65 region.
USD/CAD daily chart
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USD/CAD
Overview:
Today Last Price: 1.3124
Today Daily change %: -0.17%
Today Daily Open: 1.3146
Trends:
Daily SMA20: 1.3212
Daily SMA50: 1.3345
Daily SMA100: 1.3262
Daily SMA200: 1.3158
Levels:
Previous Daily High: 1.3245
Previous Daily Low: 1.3134
Previous Weekly High: 1.3294
Previous Weekly Low: 1.3134
Previous Monthly High: 1.3664
Previous Monthly Low: 1.3118
Daily Fibonacci 38.2%: 1.3176
Daily Fibonacci 61.8%: 1.3203
Daily Pivot Point S1: 1.3104
Daily Pivot Point S2: 1.3063
Daily Pivot Point S3: 1.2992
Daily Pivot Point R1: 1.3216
Daily Pivot Point R2: 1.3287
Daily Pivot Point R3: 1.3328
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