Technical analytics

Fibonacci analysis of USDCAD


Buyers remained in a driver's seat on Thursday. They made a good break through 1.3400 and drove the market higher. They reached the level of 1.3450 during the day trades, but lost momentum after touching it. The spot faced selling rejection here and the pair bounced back to 1.3400. The negative pressure remained intact during the night hours and the currency pair spent the night in this area. The moving averages accelerated their incline. MACD remained in a positive area. Stochastic left the overbought readings and moved lower. The resistance stands at 1.3400, the support is at 1.3350.

Bulls seemed to have lost momentum. Sellers might use this chance and might drive the price to the 1.3350 region where the lower end of the ascending channel is located.

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