“¢ 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
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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
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