Technical analytics

Fibonacci analysis of USDCAD


The USD/CAD exchange rate was in buy mode on Tuesday. The US dollar was on the defense versus the Canadian dollar during the night hours. Sellers tried to break through EMA200 and wanted to reach the level 1.3150. Buyers managed to defend this level, as a result, sellers lost control. A fresh bid-wave returned the market through the Fibonacci retracement of 23.6% to 1.3280, thus buyers erased the Monday's losses. The 1.3250 handle was defended by the EMA50, which failed to stop bulls. The moving averages are going north. The MACD indicator is growing in the negative zone, Stochastic reached overbought levels. The resistance stands at 1.3300, the support is at 1.3250.

As we can see, the pair's further gains are limited by the 1.3300. Should that level break up and the US dollar may retrace another portion of its losses. Buyers will be able to test 1.3330 after that.

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