Having repeatedly failed to near the 1.3345 supply zone, the USD/CAD pair met with some aggressive supply on Wednesday following the release of hotter-than-expected Canadian CPI report. The pair has now dropped back to the lower end of its weekly trading range – around mid-1.3200s – which if broken decisively will set the stage for an extension of the ongoing corrective slide. Meanwhile, technical indicators on the 1-hourly chart are already pointing to slightly oversold conditions and despite the pullback, maintained their bullish bias on the daily chart, warranting caution before placing any aggressive bearish bets. However, a convincing break through the mentioned support might turn the pair vulnerable to accelerate the slide further towards challenging the 1.3200 round figure mark en-route monthly lows support near the 1.3180-75 region. On the flip side, any attempted recovery now seems to confront some fresh supply near 200-hour SMA – around the 1.3275 region – above which the pair is likely to head back towards reclaiming the 1.3300 handle, coinciding with 100-hour SMA. USD/CAD 1-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 Litecoin price analysis: LTC/USD testing critical $70 zone to the downside FX Street 4 years Having repeatedly failed to near the 1.3345 supply zone, the USD/CAD pair met with some aggressive supply on Wednesday following the release of hotter-than-expected Canadian CPI report. The pair has now dropped back to the lower end of its weekly trading range - around mid-1.3200s - which if broken decisively will set the stage for an extension of the ongoing corrective slide. Meanwhile, technical indicators on the 1-hourly chart are already pointing to slightly oversold conditions and despite the pullback, maintained their bullish bias on the daily chart, warranting caution before placing any aggressive bearish bets. However, a convincing… 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.
