Technical analytics

Fibonacci analysis of USDCAD


USD/CAD traded mixed on Friday. The currency pair was under selling pressure during the night and the morning hours. A fresh buying interest emerged in the early European session and helped bulls to test the 1.3100 hurdle. The buying pressure partly eased after that, buyers were unable to drive the rate higher, however, preserved control over it and held it in this region. MACD is still at the mid-line. RSI reached the overbought levels and partially lost upward strength. The resistance stands at 1.3100, the support is at 1.3050.

If buyers failed to hold onto gains sellers could reverse the currency pair and lead the market to 1.3050 which is the Fibonacci retracement of 61.8%.