USD/CAD Technical Analysis: Bulls finding it difficult to make it through 61.8% Fibo. expansion level
|• The pair continued with its struggled to breakthrough 1.3280 resistance zone, marking 61.8% Fibonacci expansion level of the 1.3064-1.3234 up-move and subsequent retracement.
• Meanwhile, short-term technical indicators still hold in positive territory and hence, dip-buying interest might continue to keep a floor on any meaningful retracement from three-week tops.
• However, it would be prudent to wait for a follow-through momentum beyond 61.8% Fibonacci expansion level before positioning for any further up-move, even beyond the 1.3300 handle.
Spot rate: 1.3255
Daily High: 1.3290
Daily Low: 1.3246
Trend: Bullish
Resistance
R1: 1.3300 (round figure mark)
R2: 1.3355 (100% Fibo. expansion level)
R3: 1.3386 (1-year top set on June 27)
Support
S1: 1.3226 (50-period SMA H1)
S2: 1.3190 (S1 daily pivot-point)
S3: 1.3160 (overnight swing low)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.