USDCAD Analysis: Near 61.80% fibo

Dukascopy Bank Team Dukascopy Bank SA

USDCAD

Bulls guided the USD/CAD currency pair higher on Tuesday. The Greenback managed to reverse its one-week decline mid-session and eventually gain 112 base point or 0.87% against the Canadian Dollar. However, this surge was temporarily stopped by the weekly pivot point at 1.3070.

It seems like bulls could continue its advances as the 55-,100-, and 200-hour simple moving average are presently located below the price. Moreover, the pair is located near the 61.80% Fibonacci retracement level.

Traders should look for opportunities to trade if the 61.80% Fibonacci resistance level holds, or if the currency exchange rate breached the aforementioned Fibonacci retracement level within this session.

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Dukascopy Bank Team

Dukascopy Bank SA

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