Technical analytics

Fibonacci analysis of USD/CAD


The US dollar decline stalled at 1.3200. The spot found fresh bids here and reversed its direction. A strong buying impetus lifted the US currency to the 1.3250 region on Friday. Buyers preserved control and tried to extend their gains during the night hours on Monday.

The Fibonacci level 50.0% is located in the 1.3220 area and is an additional support for the USD/CAD pair. The next Fibonacci level 61.8% is in the 1.3120 region. The EMA50 is moving downwards crossing the EMA200 which kept changing its course. MACD formed another signal to rise. The Stochastic returned to the overbought levels, favoring a new move higher. The resistance stands at 1.3300, the support is at 1.3250.  

Our bearish expectations were wrong. Now when the 1.3250 level is broken, the currency pair might advance to the 1.3330-1.3300 area which is defended by the Fibonacci level 38.2%.