USD/CAD Price Analysis: Bulls defend 23.6% Fibonacci retracement


  • USD/CAD bounced up from key Fibonacci support on Thursday. 
  • A break above Thursday's high is needed to bring recent highs on the radar.

USD/CAD jumped 0.13% on Thursday, snapping a two-day losing streak and defending the support at 1.3240 – the 23.6% Fibonacci retracement of the rally from 1.2952 to 1.3329. 

The pair also broke out of a descending channel on Thursday, according to the hourly chart. 

So far, however, the defense of the key Fibonacci support and the channel breakout have failed to entice buyers. The pair faced rejection at Thursday's high of 1.3270 a few minutes before press time. 

Alongside that, the 50-hour moving average (MA) has crossed below the 200-hour MA, confirming a bearish crossover.

As a result, the pair risks revisiting the Fibonacci support of 1.3240. A close lower could bring additional declines toward 1.3185, which is the 38.2% Fibonacci retracement level. 

On the flip side, acceptance above Wednesday's high of 1.3270 would open the doors to 1.33-1.3329. 

Daily chart

Hourly chart

Trend: Neutral

Technical levels

USD/CAD

Overview
Today last price 1.3262
Today Daily Change -0.0001
Today Daily Change % -0.01
Today daily open 1.3263
 
Trends
Daily SMA20 1.3209
Daily SMA50 1.3144
Daily SMA100 1.318
Daily SMA200 1.322
 
Levels
Previous Daily High 1.3272
Previous Daily Low 1.324
Previous Weekly High 1.3321
Previous Weekly Low 1.323
Previous Monthly High 1.3255
Previous Monthly Low 1.29
Daily Fibonacci 38.2% 1.326
Daily Fibonacci 61.8% 1.3253
Daily Pivot Point S1 1.3244
Daily Pivot Point S2 1.3226
Daily Pivot Point S3 1.3212
Daily Pivot Point R1 1.3277
Daily Pivot Point R2 1.3291
Daily Pivot Point R3 1.3309

 

 

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