Technical analytics

Fibonacci analysis of USD/CAD

USDCAD

Sellers dominated most of the day on Tuesday. They were struggling with the level 1.3250 the whole day and managed to pierce it in the early NY session. The US dollar moved to 1.3230 where the currency turned around and spiked to 1.3300.


The Fibonacci level 50.0% is located in the 1.3220 area acting as an additional support for the USD/CAD pair. The next Fibonacci level 38.2% is in the 1.3330 region. The EMA50 continued moving downwards, while the EMA200 is still neutral. MACD is going to cross the mid-line upwards. The Stochastic indicator turned around in the neutral area and returned to the overbought levels, favoring a new move lower. The resistance stands at 1.3300, the support is at 1.3250.  


In the scenario where the buyers keep control the pair will advance above 1.3300. After a close above this resistance the pair USD/CAD may extend its growth to 1.3350.