Analysis

USDCAD Analysis: Near 38.20% Fibo

USDCAD

Upside momentum prevailed in the market on Friday, thus sending the US Dollar to gained 102 base points against the Canadian Dollar. This gains, however, was limited by the 38.20% Fibonacci retracement level. This retracement can be measured by connecting the July high at 1.3290 and the low at 1.2964.

Along the way, the currency pair breached a strong resistance level set by the combination of the weekly and the monthly PPs near the 1.3093 mark.

On the larger time-frame, technical indicators flash a strong buy signal. However, it is likely that the USD/USD currency exchange rate makes a brief retracement down within this trading session.

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