USD/CAD technical analysis: Set-up already seems to have turned in favour of bearish traders

After repeated failures near the 1.3340-45 region, the USD/CAD pair witnessed some follow-through selling for the third consecutive session on Tuesday.
The downfall finally seems to have confirmed a breakthrough a near two-week-old trading range and sets the stage for a further near-term depreciating move.

Haresh Menghani FXStreet

Meanwhile, technical indicators on hourly charts maintained their bearish bias and have just started drifting into the negative territory on the daily chart, further reinforcing the near-term bearish outlook for the major.

A follow-through selling below the 1.3225-20 horizontal support will reaffirm the negative bias and turn the pair vulnerable to test sub-1.3200 level before eventually dropping to its next major support near the 1.3150-45 region.

On the flip side, the near-term trading range support breakpoint – around mid-1.3200s – now seems to act as immediate resistance and any subsequent recovery might now remain capped ahead of the 1.3300 handle.

USD/CAD 4-hourly chart

USD/CAD

Overview
Today last price	1.3239
Today Daily Change	-0.0015
Today Daily Change %	-0.11
Today daily open	1.3254

Trends
Daily SMA20	1.3257
Daily SMA50	1.3178
Daily SMA100	1.3296
Daily SMA200	1.3315

Levels
Previous Daily High	1.332
Previous Daily Low	1.3247
Previous Weekly High	1.3346
Previous Weekly Low	1.3251
Previous Monthly High	1.3215
Previous Monthly Low	1.3016
Daily Fibonacci 38.2%	1.3275
Daily Fibonacci 61.8%	1.3292
Daily Pivot Point S1	1.3227
Daily Pivot Point S2	1.32
Daily Pivot Point S3	1.3154
Daily Pivot Point R1	1.3301
Daily Pivot Point R2	1.3348
Daily Pivot Point R3	1.3375

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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