Technical analytics

Fibonacci analysis of USDCAD

USDCAD

The selling pressure significantly increased on Thursday. Sellers regained control in the Asian session and sent the US dollar to 1.3100. The major continued easing lower after breaking this level and soon reached the 1.3070 area. The spot found fresh bids here and retraced a small portion of its losses after that. Buyers returned the currency pair to the 1.3100 region where the EMA100 limited their recovery. MACD approached the mid-line. RSI dropped to the oversold readings and immediately left this area. The resistance stands at 1.3100, the support is at 1.3050.


The pair now seems to be heading towards its immediate support near 1.3050 which is the Fibonacci retracement of 61.8%.


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