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Fibonacci analysis of USDCAD

USDCAD

The US dollar opened on a weak note vs. its Canadian peer on Monday. The major pressured the level 1.3300, but the EMA50 and the Fibonacci retracement of 23.6% held back the sellers' onslaught. The US dollar buyers gained strength afterwards and were able to turn the pair around. They climbed away from 1.3300 towards 1.3350 and moved through this level without any stop. The major maintained the bid tone afterwards and managed to touch the 1.3400 hurdle where it lost momentum. The moving averages are going upwards, MACD grew which indicates the sellers’ positions weakening. Stochastic reached to the overbought zone, bounced from it, and returned to the neutral area. The resistance stands at 1.3400, the support is at 1.3350.


If bulls are able to maintain their dominant positions, they might drive the USD/CAD to the level 1.3480 in the coming sessions.