USD/CAD Technical Analysis: Struggles to build on Friday’s bullish breakout amid overbought conditions
• On Friday, the pair confirmed a bullish breakthrough a two-month-old ascending trend-channel formation and climbed to the 1.3600 handle, or 19-month tops.
• Technical indicators on the daily chart point to near-term overbought conditions and seemed to be the only factor keeping a lid on any further up-move.
USD/CAD daily chart
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• However, any profit-taking slide might attract some dip-buying near 100-hour SMA and should limit the downside near a short-term ascending trend-line.
• Moreover, oscillators on the 1-hourly chart have also cooled off from overbought conditions and thus, support prospects for an extension of the positive move.
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USD/CAD
Overview:
Today Last Price: 1.3593
Today Daily change: -6.0 pips
Today Daily change %: -0.0441%
Today Daily Open: 1.3599
Trends:
Previous Daily SMA20: 1.3364
Previous Daily SMA50: 1.3227
Previous Daily SMA100: 1.3121
Previous Daily SMA200: 1.3043
Levels:
Previous Daily High: 1.3602
Previous Daily Low: 1.3478
Previous Weekly High: 1.3602
Previous Weekly Low: 1.3372
Previous Monthly High: 1.336
Previous Monthly Low: 1.3048
Previous Daily Fibonacci 38.2%: 1.3554
Previous Daily Fibonacci 61.8%: 1.3525
Previous Daily Pivot Point S1: 1.3517
Previous Daily Pivot Point S2: 1.3436
Previous Daily Pivot Point S3: 1.3394
Previous Daily Pivot Point R1: 1.3641
Previous Daily Pivot Point R2: 1.3683
Previous Daily Pivot Point R3: 1.3764