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   “¢   The pair extended its intraday sharp retracement slide from four-day tops and has now moved on the verge of breaking below an important confluence support.

   “¢   The mentioned support comprises of the 100-day SMA, near six-week-old ascending trend-line and 23.6% Fibonacci retracement level of the 1.2782-1.3170 upsurge.  

   “¢   Meanwhille, technical indicators on hourly charts have been continuously gaining negative momentum, albeit have managed to hold in positive territory on the daily chart.

   “¢   Hence, it would be prudent to wait for a sustained weakness below the said confluence support before confirming that the pair might have already topped out in the near-term.
 

USD/CAD daily chart

USD/CAD

Overview:
       Last Price:  1.3081
       Daily change:  -45  pips
       Daily change:  -0.343%
       Daily Open:  1.3126
Trends:
       Daily SMA20:  1.3075
       Daily SMA50:  1.3024
       Daily SMA100:  1.3076
       Daily SMA200:  1.2934
Levels:
       Daily High:  1.3146
       Daily Low:  1.3096
       Weekly High:  1.3172
       Weekly Low:  1.3048
       Monthly High:  1.3172
       Monthly Low:  1.2783
       Daily Fibonacci 38.2%:  1.3126
       Daily Fibonacci 61.8%:  1.3115
       Daily Pivot Point S1:  1.3099
       Daily Pivot Point S2:  1.3072
       Daily Pivot Point S3:  1.3049
       Daily Pivot Point R1:  1.3149
       Daily Pivot Point R2:  1.3172
       Daily Pivot Point R3:  1.3199