USD/CAD Technical Analysis: Remains vulnerable to retest Jan. swing lows, sub-1.3100 level

   •  The pair extended last week's sharp rejection slide from 100-day SMA and remained under some selling pressure for the sixth session in the previous seven.

   •  A subsequent slide below the very important 200-day SMA, to hit near three-week lows around the 1.3125-20 region, clearly points to persistent selling interest. 

   •  Bearish technical indicators on daily/4-hourly charts reinforce the negative outlook, though oversold conditions on the 1-hourly chart helped limit deeper losses.

   •  However, any attempted bounce back towards the mentioned MA, currently near mid-1.3100s might now be seen as an opportunity to initiate fresh bearish positions. 

   •  The pair now seems poised to extend the bearish trajectory and break through the 1.3100 handle towards testing January swing lows, around the 1.3070-65 region.

USD/CAD daily chart