After repeated failures near the 1.3340-45 region, the USD/CAD pair witnessed some follow-through selling for the third consecutive session on Tuesday. The downfall finally seems to have confirmed a breakthrough a near two-week-old trading range and sets the stage for a further near-term depreciating move. Meanwhile, technical indicators on hourly charts maintained their bearish bias and have just started drifting into the negative territory on the daily chart, further reinforcing the near-term bearish outlook for the major. A follow-through selling below the 1.3225-20 horizontal support will reaffirm the negative bias and turn the pair vulnerable to test sub-1.3200 level before eventually dropping to its next major support near the 1.3150-45 region. On the flip side, the near-term trading range support breakpoint – around mid-1.3200s – now seems to act as immediate resistance and any subsequent recovery might now remain capped ahead of the 1.3300 handle. USD/CAD 4-hourly chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Wall Street extends recovery led by decisive gains in energy shares FX Street 4 years After repeated failures near the 1.3340-45 region, the USD/CAD pair witnessed some follow-through selling for the third consecutive session on Tuesday. The downfall finally seems to have confirmed a breakthrough a near two-week-old trading range and sets the stage for a further near-term depreciating move. Meanwhile, technical indicators on hourly charts maintained their bearish bias and have just started drifting into the negative territory on the daily chart, further reinforcing the near-term bearish outlook for the major. A follow-through selling below the 1.3225-20 horizontal support will reaffirm the negative bias and turn the pair vulnerable to test sub-1.3200 level… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
