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   “¢   The pair extended overnight rejection slide from 50% Fibonacci retracement level of the 1.3227-1.2782 downfall, forming a bearish double-top chart pattern on the 1-hourly chart.

   “¢   A subsequent fall below 38.2% Fibonacci level and 100-hour SMA, coupled with negative technical indicators on the mentioned chart adds credence to the bearish formation.  

   “¢   Hence, the downfall seems more likely to get extended towards testing 200-hour SMA, currently near the 1.2900 handle, which if broken will confirm a near-term bearish breakdown.

USD/CAD 1-hourly chart


       Last Price:  1.294
       Daily change:  -6.0  pips
       Daily change:  -0.0463%
       Daily Open:  1.2946
       Daily SMA20:  1.2948
       Daily SMA50:  1.3014
       Daily SMA100:  1.3056
       Daily SMA200:  1.2873
       Daily High:  1.3006
       Daily Low:  1.2934
       Weekly High:  1.2956
       Weekly Low:  1.278
       Monthly High:  1.32
       Monthly Low:  1.278
       Daily Fibonacci 38.2%:  1.2962
       Daily Fibonacci 61.8%:  1.2978
       Daily Pivot Point S1:  1.2919
       Daily Pivot Point S2:  1.2891
       Daily Pivot Point S3:  1.2848
       Daily Pivot Point R1:  1.299
       Daily Pivot Point R2:  1.3033
       Daily Pivot Point R3:  1.3061