Technical analytics

Fibonacci analysis of USDCAD


USD/CAD traded mixed on Monday. The ask tone prevailed during the Asian and European hours. Bears broke through the EMA50 and touched the 1.3200 handle where the Fibo of 23.6% is located. The selling momentum faded here and the US dollar recovered to 1.3250 after that. The EMA50 remained neutral, while the EMA200 preserved its vertical slope. The MACD histogram remained at the zero-line. The Stochastic indicator jumped to 80 where lost strength. The resistance stands at 1.3250, the support is at 1.3200.

The level 1.3200 appeared is hard nut to crack and buyers will not allow sellers to move lower here. The USD/CAD pair has a bullish potential. A break above the 1.3200 level will indicate further rally are likely on the horizon. After fixing above this mark, the level 0.3300 will become the next bulls’ target.