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USDCAD technical analysis - Pair retreats closer to mid-1.3100s

USDCAD technical analysis - Pair retreats closer to mid-1.3100s

29 July 2019, GKFX – The mentioned region coincides with 100-hour SMA and 23.6% Fibo. level of the 1.3565-1.3016 recent downfall, which should now act as a key pivotal point for the pair’s intraday momentum amid absent relevant market moving economic releases. 

USDCAD technical analysis

Meanwhile, technical indicators on the 1-hourly chart have again started gaining negative momentum but have managed to hold in the positive territory on 4-hourly/daily charts, warrant some caution before placing any aggressive bearish bets.

However, a decisive breakthrough the said confluence support might turn the pair vulnerable to accelerate the slide further towards the 1.3120-15 intermediate support en-route the 1.3100 round figure mark. 

A follow-through weakness below the 1.3100 handle will suggest that the near-term corrective bounce from yearly lows is already over and set the stage for a further downfall back towards testing the 1.3050-40 horizontal support.

On the flip side, bulls are likely to wait for a sustained strength beyond the 1.3200 handle, above which the pair is likely to aim towards testing 100-day SMA, around mid-1.3200s en-route the very important 200-day SMA – around the 1.3295-1.3300 region.

USDCAD 1-hourly chart

fxsoriginal

Disclaimer

This article was provided by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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