Technical analytics

Fibonacci analysis of USDCAD


USD/CAD switched its sentiment to bearish after a failure test of the 1.3500. The US dollar returned to 1.3450 first where the major spent the day session. The bearish pressure increased in the evening and the currency pair moved to 1.3400. However, sellers lost control here and the US dollar recovered to 1.3500. The technical indicators hold within bullish territory. The moving averages accelerated their growth. MACD grew which is a buy signal. MACD gained bearish momentum within positive territory. Stochastic moved towards the oversold ground. The resistance stands at 1.3500, the support is at 1.3450.

We expect another bid-wave and a move to the 1.3500 area.