USD/CAD Technical Analysis: Bulls finding it difficult to make it through 61.8% Fibo. expansion level

Haresh Menghani FXStreet

• The pair continued with its struggled to breakthrough 1.3280 resistance zone, marking 61.8% Fibonacci expansion level of the 1.3064-1.3234 up-move and subsequent retracement.

• Meanwhile, short-term technical indicators still hold in positive territory and hence, dip-buying interest might continue to keep a floor on any meaningful retracement from three-week tops.

• However, it would be prudent to wait for a follow-through momentum beyond 61.8% Fibonacci expansion level before positioning for any further up-move, even beyond the 1.3300 handle.

USD/CAD 1-hourly chart

Spot rate: 1.3255
Daily High: 1.3290
Daily Low: 1.3246
Trend: Bullish

Resistance
R1: 1.3300 (round figure mark)
R2: 1.3355 (100% Fibo. expansion level)
R3: 1.3386 (1-year top set on June 27)

Support
S1: 1.3226 (50-period SMA H1)
S2: 1.3190 (S1 daily pivot-point)
S3: 1.3160 (overnight swing low)

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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