Technical analytics

Fibonacci analysis of USDCAD


The buying structure remained intact on Thursday. The USD/CAD traded in an ascending channel, staying close to its lower end. Buyers tried to lift the US dollar at least to 1.3400, however, they lost momentum at 1.3385 and the spot turned bearish. The major headed towards 1.3330, but bounced from the bullish EMA50. The moving averages are going north. MACD continued moving lower and approached the zero-line. The RSI oscillator lost momentum in the overbought area and turned around after that. The resistance stands at 1.3400, the support is at 1.3350.

We will buy the UD dollar as long as it stays above the EMA50. Buyers could get some traction and move towards 1.3400 in the coming days.

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