USD/CAD technical analysis: Struggles near 23.6% Fibo, 1.3224/32 becomes key resistance


  • USD/CAD lacks momentum around 23.6% Fibonacci retracement.
  • 38.2% Fibonacci retracement, 100/200-day EMA restrict immediate upside.
  • Multiple stops before 1.3000 limit pair’s short-term declines.

Following its U-turn from 1.3200, USD/CAD clings to 23.6% Fibonacci retracement of May-July downside while taking rounds to 1.3140 during early Monday

The lack of momentum could also be witnessed by nearly a flat curve of the 14-day Relative Strength Index (RSI).

While a downside break below July-end low of 1.3105 could reignite possibilities of pair’s another south-run towards 1.3000 mark, with 1.3042 and 1.3015 being intermediate halts, buyers need to clear 1.3224/32 area comprising 38.2% Fibonacci retracement and 100/200-day Exponential Moving Average (EMA) to extend recovery.

Should prices rally beyond 1.3232 on a daily closing basis, 50% and 61.8% Fibonacci retracement levels of 1.3290 and 1.3355 could be on bull’s watch-list.

On the contrary, the pair’s decline below 1.3000 could target mid-October 2018 low around 1.2915.

USD/CAD daily chart

Trend: sideways

additional important levels

Overview
Today last price 1.314
Today Daily Change -2 pips
Today Daily Change % -0.02%
Today daily open 1.3142
 
Trends
Daily SMA20 1.3166
Daily SMA50 1.3222
Daily SMA100 1.3202
Daily SMA200 1.3276
 
Levels
Previous Daily High 1.3196
Previous Daily Low 1.3132
Previous Weekly High 1.3209
Previous Weekly Low 1.3042
Previous Monthly High 1.3349
Previous Monthly Low 1.3042
Daily Fibonacci 38.2% 1.3157
Daily Fibonacci 61.8% 1.3172
Daily Pivot Point S1 1.3117
Daily Pivot Point S2 1.3093
Daily Pivot Point S3 1.3053
Daily Pivot Point R1 1.3181
Daily Pivot Point R2 1.3221
Daily Pivot Point R3 1.3245

 

 

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