USD/CAD: Seesaws between 61.8% Fibonacci retracement, 100-day EMA
USD/CAD drops from the intraday high of 1.3785 amid the initial hour of Tokyo trading on Friday. The pair retreats from 100-day EMA but stays above 61.8% Fibonacci retracement level of February-March upside. Even so, the bearish MACD and a failure to carry the bounce off 1.3728 favors the sellers.
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USD/CAD Bullish Themes
USD/CAD Bearish Themes
SPECIAL WEEKLY FORECAST
The USD/CAD has been poised for a breakdown for almost two months but so far traders have been unwilling to completely abandon the US dollar’s risk-premium and send the loonie back its pre-pandemic levels of February and March.