USD/CAD Technical Analysis: 21-DMA caps 61.8% Fibonacci breakout

USD/CAD extends Friday’s recovery while confronting 21-DMA.
200-DMA, November high can please buyers beyond immediate resistance.
1.3160/55 could return during the declines below 61.8% Fibonacci retracement.

Anil Panchal FXStreet

USD/CAD rises to an intra-day high of 1.3262 by the press time of early Monday. The pair holds on to recovery gains while confronting 21-Day Simple Moving Average (DMA).

Although sustained trading beyond the 21-DMA level of 1.3260 opens the gate for a 200-DMA level of 1.3280, the Bulls can’t be said to have full control as November month high near 1.3330 keeps them challenged.

Should there be a clear run-up above 1.3330, tops marked in October and September near 1.3350 and 1.3385 will return to the charts.

Alternatively, 61.8% Fibonacci retracement level of September-October fall around 1.3250 acts as immediate support, a break of which could drag prices to 50% Fibonacci retracement figure of 1.3213.

It’s worth mentioning that 1.3160/55 area including lows marked on November 19 and December 05 can restrict pair’s declines below 1.3213.

USD/CAD daily chart

Trend: Bullish

USD/CAD

Overview
Today last price	1.326
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	1.3259

Trends
Daily SMA20	1.326
Daily SMA50	1.3217
Daily SMA100	1.323
Daily SMA200	1.328

Levels
Previous Daily High	1.3272
Previous Daily Low	1.317
Previous Weekly High	1.3322
Previous Weekly Low	1.3158
Previous Monthly High	1.3328
Previous Monthly Low	1.3114
Daily Fibonacci 38.2%	1.3233
Daily Fibonacci 61.8%	1.3209
Daily Pivot Point S1	1.3196
Daily Pivot Point S2	1.3133
Daily Pivot Point S3	1.3095
Daily Pivot Point R1	1.3297
Daily Pivot Point R2	1.3335
Daily Pivot Point R3	1.3398

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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