Technical analytics

Fibonacci analysis of USDCAD


USD/CAD remained neutral-to-bearish during Thursday. The currency pair traded in the 1.3100 region, as market participants could not pick up a direction. Bulls lacked steam to go upwards as the EMA50 and the Fibonacci mark of 23.6% blocked their way. At the same time sellers were free to lower the price, and they could reach 1.3050 (the Fibonacci retracement of 38.2%) at least. However, they were not interested to do this. A strong buying interest emerged in the late NY session. The dollar jumped to 1.3150 first and then continued rally up to 1.3170. MACD entered the positive territory. Stochastic returned to the overbought levels. The EMA50 remained neutral, while the EMA200 kept growing. The resistance stands at 1.3200, the support is at 1.3150.

All eyes are right now at the resistance level 1.3200. A cut here will open the way towards 1.3250.

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