Technical analytics

Fibonacci analysis of USD/CAD


Sellers failed to regain control on Wednesday, and tried again yesterday. This time they were well prepared and captured the level 1.3600. The EMA50 did not rescue bulls this time, and was easily broken. An increased selling bias dragged the US dollar through 1.3500 and 1.3450 to the 1.3460 area, where the Fibonacci retracement of 23.6% stopped the sell-off. The pair bounced off this barrier and recovered to the 1.3520 area after that. The EMA50 is changing its course, the EMA200 is still heading north. MACD entered the negative zone and stayed here. Stochastic finally reached the oversold levels. The resistance stands at 1.3500, the support is at 1.3450.

The USD/CAD pair is poised to extend its decline. Thus, a return below 1.3500 will trigger losses towards 1.3400.

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