Technical analytics

Fibonacci analysis of USDCAD

USDCAD

USD/CAD maintained trade in the green zone on Tuesday. The buying bias grew and bulls were able to leave the 1.3100 level. They drove the price through the Fibonacci retracement of 23.6% to 1.3150 where they paused their rally. The pair bounced to 1.3120-1.3100 area afterwards. MACD returned to the positive area. RSI reached the overbought levels and stayed there. The moving averages are growing now. The EMA100 is providing additional support to the buyers. The resistance stands at 1.3150, the support is at 1.3100.


Failure to hold above retracement of 23.6% risks a slide to 1.3070. However, if bulls regain the 1.3150 hurdle, we expect a breakout of the mark 1.3170.


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