USDCAD
The US dollar is gaining traction and rises towards target at 1.3299, high of last Friday, after cracking initial 1.3279 barrier, Fibonacci 61.8% retracement of 1.3351/1.3164 pullback. The pullback is seen as corrective action of larger uptrend and was contained by rising daily 10SMA that was providing initial support.
Shallow correction and subsequent bounce, revive near-term bulls, for fresh attempts towards peaks at 1.3347/51, highs of 25/26 Aug, for resumption of multi-month uptrend, on break higher.
Positive last week’s close and the pair being on the track for the fourth consecutive bullish monthly close, give positive signals.
Ascending daily 10SMA, underpins at 1.3201, guarding daily 20SMA, currently at 1.3146, loss of which to weaken the structure.
However, caution is still required, as RSI / MACD bearish divergence has formed on daily chart and may bring downside risk in play, in case of upside rejection under 1.33 barrier and subsequent fresh weakness.
Res: 1.3299; 1.3351; 1.3400; 1.3465
Sup: 1.3242; 1.3224; 1.3201; 1.3146
The US dollar is gaining traction and rises towards target at 1.3299, high of last Friday, after cracking initial 1.3279 barrier, Fibonacci 61.8% retracement of 1.3351/1.3164 pullback. The pullback is seen as corrective action of larger uptrend and was contained by rising daily 10SMA that was providing initial support.
Shallow correction and subsequent bounce, revive near-term bulls, for fresh attempts towards peaks at 1.3347/51, highs of 25/26 Aug, for resumption of multi-month uptrend, on break higher.
Positive last week’s close and the pair being on the track for the fourth consecutive bullish monthly close, give positive signals.
Ascending daily 10SMA, underpins at 1.3201, guarding daily 20SMA, currently at 1.3146, loss of which to weaken the structure.
However, caution is still required, as RSI / MACD bearish divergence has formed on daily chart and may bring downside risk in play, in case of upside rejection under 1.33 barrier and subsequent fresh weakness.
Res: 1.3299; 1.3351; 1.3400; 1.3465
Sup: 1.3242; 1.3224; 1.3201; 1.3146
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