Technical analytics

Fibonacci analysis of USDCAD

USDCAD

USD/CAD remained in a buying channel on Monday. Buyers pushed away from the EMA50 and attacked the 1.3400 hurdle. They broke above the hurdle in the late NY session and advanced up to the 1.3420 area afterwards. Bulls failed to hold onto gains and the spot moved back to 1.3200 during the Asian hours. The moving averages accelerated their incline. MACD kept growing in the positive area. Stochastic returned to the overbought levels. The resistance stands at 1.3450, the support is at 1.3400.


Buyers might force the pair to resume their upward trajectory towards 1.3450 now.


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