Technical analytics

Fibonacci analysis of USDCAD

USDCAD

The trend is objectively bullish. The US dollar is strong and prone to post more gains. Thus, buyers broke the level 1.3200 and led the spot to the 1.3220 area which is the retracement of 100.0%. The bid tone around the US dollar weakened a bit after that and the pair declined to 1.3200 amid profit taking after a Friday's rally. MACD remained in the positive area. Stochastic escaped from the overbought territory. The resistance stands at 1.3200, the support is at 1.3150.


The 1.3230-1.3200 resistance area is a strong barrier. The currency pair was here last time in September. The pair was rejected downwards that time and started a long lasted decline. It will be interesting to see if that scenario repeats. Is so, the USD/CAD will be thrown towards 1.3100. If bulls retain control, the US currency will continue rally towards 1.3300.


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