“¢ The pair traded with a mild negative bias through the early European session on Wednesday and eroded a part of the previous session’s strong upsurge to near two-week tops.
“¢ Given the overnight upsurge, the downtick along a descending trend-channel on the 30-min. chart constituted towards the formation of a bullish flag chart pattern.
“¢ Moreover, technical indicators on the mentioned chart have also eased from near-term overbought conditions and thus, support prospects for an extension of the positive momentum.
“¢ However, a convincing break below the key 1.30 psychological mark will negate the positive outlook and turn the pair vulnerable to accelerate the slide back towards mid-1.2900s.
USD/CAD 30-min. chart
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USD/CAD
Overview:
Last Price: 1.3036
Daily change: -32 pips
Daily change: -0.245%
Daily Open: 1.3068
Trends:
Daily SMA20: 1.2951
Daily SMA50: 1.3015
Daily SMA100: 1.3058
Daily SMA200: 1.2875
Levels:
Daily High: 1.3072
Daily Low: 1.2925
Weekly High: 1.2956
Weekly Low: 1.278
Monthly High: 1.32
Monthly Low: 1.278
Daily Fibonacci 38.2%: 1.3015
Daily Fibonacci 61.8%: 1.2981
Daily Pivot Point S1: 1.2971
Daily Pivot Point S2: 1.2874
Daily Pivot Point S3: 1.2824
Daily Pivot Point R1: 1.3118
Daily Pivot Point R2: 1.3168
Daily Pivot Point R3: 1.3265
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