USD/CAD technical analysis: Clings to 50% Fibo., struggles between 21/200-DMA


  • USD/CAD seesaws near 50% Fibonacci retracement after failing to rise past-200-DMA.
  • 21-DMA offers immediate support.
  • Momentum indicators show normal conditions favoring the continuation of range-bound trading.

USD/CAD makes the rounds to 50% Fibonacci retracement as it trades near 1.3215 during early Wednesday.

The pair has been trading between the 21 and 200 day moving averages (DMA) since the month-start with the latest U-turn from 200-DMA indicating brighter chances of its pullback to 21-DMA level of 1.3177.

Momentum indicators like 14-bar relative strength index (RSI) and 12-day moving average convergence and divergence indicate normal conditions and continuation of the pair’s trading range.

If sellers refrain from respecting 1.3177 rest-point, 61.8% Fibonacci retracement of October to December 2018 upside, at 1.3120, and July month low near 1.3016 could be on their watch list.

Alternatively, pair’s rise past-1.3306 level comprising 200-DMA can take aim at early-May month low surrounding 1.3380.

USD/CAD daily chart

Trend: Sideways

Additional important levels

Overview
Today last price 1.3216
Today Daily Change -7 pips
Today Daily Change % -0.05%
Today daily open 1.3223
 
Trends
Daily SMA20 1.3175
Daily SMA50 1.3186
Daily SMA100 1.3302
Daily SMA200 1.3311
Levels
Previous Daily High 1.3294
Previous Daily Low 1.3184
Previous Weekly High 1.3345
Previous Weekly Low 1.3178
Previous Monthly High 1.3215
Previous Monthly Low 1.3016
Daily Fibonacci 38.2% 1.3227
Daily Fibonacci 61.8% 1.3252
Daily Pivot Point S1 1.3174
Daily Pivot Point S2 1.3124
Daily Pivot Point S3 1.3064
Daily Pivot Point R1 1.3284
Daily Pivot Point R2 1.3344
Daily Pivot Point R3 1.3394

 

 

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