Technical analytics

Fibonacci analysis of USDCAD


A bid tone around the US dollar faded when the major reached the 1.3250 hurdle. The spot ran through fresh offers here and dropped to the 1.3200 region. The EMA50 together with the Fibonacci retracement of 23.6% defended the downside and rejected the price to 1.3230 where the buying bias lost legs. The EMA50 turned neutral after the Friday’ s sell-off, while the EMA200 remained bullish. The MACD histogram touched the zero-line. The Stochastic indicator jumped to 67 where lost strength. The resistance stands at 1.3250, the support is at 1.3200.

Technical readings suggest that the decline could continue if the 1.3200 level gives up.