Technical analytics

Fibonacci analysis of USD/CAD

USDCAD

USD/CAD turned flat after reaching the 1.3250 area. The spot reversed its direction and recovered to 1.3300 where it spent the whole Tuesday. The selling pressure returned in the night. The majors left the region and drove the market to the 1.3230 area where the Fibo mark of 50.0% blocked the decline.


The 38.2% Fibonacci retracement is located in the 1.3330 area, defending the upside direction. The Fibo mark of 50.0% which is located below 1.3250, is an additional barrier for sellers. The EMA50 is moving downwards, while the EMA200 is still positive. MACD started to grow in the negative area, reflecting the growing strength of buyers. Stochastic remained in the oversold area. The resistance stands at 1.3250, the support is at 1.3200.  


The USD/CAD is oversold and needs some correction. The US dollar may recover to 1.3270 today. We do not exclude sellers’ attempt to visit 1.3200.