Technical analytics

Fibonacci analysis of USDCAD

USDCAD

The demand for the US dollar increased on Tuesday. The major started the day hovering above 1.3150 (the Fibonacci retracement of 23/6%). The buying interest emerged in the mid-European session. Traders pushed the US dollar to 1.3200 first. The CAD weakness lifted the major to the 1.3300 hurdle. The spot pierced the level, posted a daily high at 1.3317 and pulled to the 1.3300 region. The buying bias partly eased in the night, and the US currency spent the Asian hours around its fresh peaks. 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 1.3300, the support is at 1.3200.

We assume that buyers will remain in the driver's seat now. If so, the currency pair may extend their up-move and test the 1.3400 hurdle in the coming days.


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