Technical analytics

Fibonacci analysis of USDCAD


USD/CAD traded mixed on Monday. The pair started the day at 1.3100. Sellers left this area in the morning and headed towards 1.3050. The downward move stalled at 1.3070 where the spot ran through fresh bids and recovered to 1.3100. MACD is still at the mid-line. RSI reached the overbought levels. The moving averages are neutral. The EMA100 is blocking the buyers’ way. The resistance stands at 1.3100, the support is at 1.3050.

As we can see, the Fibonacci retracement of 23.6% is on the buyers’ way upwards. If we see a close above this barrier, we will buy the US dollar towards 1.3150. A failure here will turn our attention to the 1.3050 area where the retracement of 38.2% can be found.

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