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6 Feb 2019

USD/CAD Technical Analysis: Fails near 100-DMA, dip-buying to help limit deeper losses

   •  The pair caught some aggressive bids on Wednesday and rallied to one-week tops, albeit struggled to build on the momentum further beyond 100-day SMA barrier.

   •  Upbeat Canadian building permits data prompted some additional long-unwinding trade in the last hour amid slightly overbought conditions on the 1-hourly chart.

   •  However, a strong follow-through USD buying interest, coupled with weaker oil prices might limit any subsequent slide below 200-hour SMA, at least for the time being.

   •  Moreover, oscillators on the 4-hourly chart continue to hold in the bullish territory and support prospects for some dip-buying interest to emerge at lower levels.

USD/CAD 1-hourly chart

USD/CAD

Overview:
    Today Last Price: 1.3178
    Today Daily change %: 0.35%
    Today Daily Open: 1.3132
Trends:
    Daily SMA20: 1.324
    Daily SMA50: 1.3368
    Daily SMA100: 1.3221
    Daily SMA200: 1.3132
Levels:
    Previous Daily High: 1.3154
    Previous Daily Low: 1.3101
    Previous Weekly High: 1.3287
    Previous Weekly Low: 1.3069
    Previous Monthly High: 1.3664
    Previous Monthly Low: 1.3118
    Daily Fibonacci 38.2%: 1.3133
    Daily Fibonacci 61.8%: 1.3121
    Daily Pivot Point S1: 1.3104
    Daily Pivot Point S2: 1.3076
    Daily Pivot Point S3: 1.3052
    Daily Pivot Point R1: 1.3157
    Daily Pivot Point R2: 1.3181
    Daily Pivot Point R3: 1.3209

 

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