Technical analytics

Fibonacci analysis of USDCAD


The US dollar gained some positive traction on Monday. The USD/CAD remained in the upward channel and started the day at its lower boundary. The major pushed away from the level and headed towards 1.3200. The EMA50 defended this level and slowed down buyers' advance. The spot touched the hurdle and pulled away to 1.3150. The positive sentiment remained intact in the night and the pair moved to 1.3160. The moving averages continued their vertical slope. The MACD indicator is bullish although it is still in negative territory. Stochastic reached the overbought levels. The resistance stands at 1.3200, the support is at 1.3150.

Buyers used the 1.3150 level as a springboard. If they maintain the upbeat tone, they will easily regain the level 1.3200 and will advance up to 1.3250.

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