Technical analytics

Fibonacci analysis of USD/CAD


The USD/CAD pair started this week in a tight range. The market was equally divided by the sellers and buyers. No one of them was strong enough to regain control, as a result, the currency pair was trading in a tight range 1.3650-1.3620. Sellers finally regained enough steam to regain control, and moved the US dollar lower on Wednesday. They left the range and drove the market to the 1.3580 area where the EMA50 stopped the sell-off and rejected it back to 1.3650. However, sellers remained in a driver’s seat after that and moved the majors lower after a brief pause. The moving averages are still going north. MACD approached the mid-line. Stochastic kept moving downwards towards the oversold readings. The resistance stands at 1.3650, the support is at 1.3600.

A gloomy trend will remain intact to our mind. The currency pair may get under fresh selling pressure and move towards 1.3550.