USD/CAD Analysis: tests 50.00% Fibonacci retracement level
|USD/CAD
The US Dollar depreciated by 40 basis points against the Canadian Dollar on Monday. The 200– hour simple moving average pressured the currency pair lower during the period trading session.
The exchange rate is currently testing a resistance cluster formed by the 50.00% Fibonacci retracement level and the weekly pivot point at 1.3242.
If the resistance cluster holds, the USD/CAD pair will most likely continue to decline within this session.
However, if the currency exchange rate breaks the 50.00% Fibo, a surge towards the psychological level at 1.3300 could be expected.
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