USD/CAD technical analysis: 23.6% Fibo., 200-HMA cap recent pullback

RSI close to the overbought territory near key resistances indicates a reversal of latest short-covering moves by the USD/CAD pair.
1.3000 continues to grab sellers’ attention.

Anil Panchal FXStreet

Despite its gradual recoveries from 1.3020, the USD/CAD pair still lags key resistances as it takes the rounds to 1.3057 during early Tuesday.

Not only 23.6% Fibonacci retracement of late-June high to last week's low, at 1.3062, but 200-hour moving average (HMA) at 1.3072 also limits the pair’s immediate upside.

Should buyers refrain from respecting 1.3075 resistance, 38.2% Fibonacci retracement near 1.3090 holds the gate for the pair’s run-up towards 1.3045/50 horizontal-area comprising current month high.

Other than strong resistances, overbought levels of 14-bar relative strength index (RSI) also highlight the comeback to 1.3035 and 1.3020 whereas 1.3000 round-figure can lure sellers after.

If bears dominate momentum below 1.3000, mid-October 2018 low surrounding 1.2920 could mark their presence on the chart.

USD/CAD hourly chart

Trend: Pullback expected

1. R3 1.3096
2. R2 1.3075
3. R1 1.3062
PP 1.3041
1. S1 1.3028
2. S2 1.3007
3. S3 1.2994

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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