Technical analytics

Fibonacci analysis of USDCAD


The USD/CAD pair remained in an uptrend. However, bulls have no intentions to lead the way right now and sellers controlled the pair the last two days. They lowered the US dollar to the 1.3220 where the EMA50 limited their advance. They lost strength here and spent the whole day trying to move lower. A bout of fresh bearishness emerged in the late evening and helped sellers to touch the 1.3200 handle. The EMA50 and the EMA200 remained bullish. The MACD histogram decreased which is a sell signal. The Stochastic indicator consolidated in the oversold levels. The resistance stands at 1.3250, the support is at 1.3200.

The EMA50 and the Fibonacci retracement of 23.6% represent a strong support which might slow down sellers’ decline. However, we assume that this barrier will be down any way. A breakout of this handle would aim sellers for 1.3160.

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