- USD/CAD bounces off 23.6% Fibonacci retracement of May-July downpour.
- 1.3100 holds the key to October lows, 1.3000 round-figure.
The USD/CAD pair’s recent pullback from 23.6% Fibonacci retracement falls short to conquer 50-day EMA and near-term key resistance-confluence. The quote seesaws around 1.3160 during Wednesday’s Asian session.
Should prices follow static conditions of 14-bar Relative Strength Index (RSI) and extends recovery, 50-day Exponential Moving Average (EMA) level of 1.3193 seems to be the key for intra-day buyers, a break of which could push them to confront 1.3220/25 region including 100-day EMA and 38.2% Fibonacci retracement.
If buyers manage to cross 1.3225 on a daily closing basis, mid-October highs surrounding 1.3250 and 50% Fibonacci retracement level of 1.3290 will be on their radars.
Alternatively, pair’s declines below 23.6% Fibonacci retracement level of 1.3145 can fetch the quote to 1.3100 re-test whereas October month low near 1.3042 and July bottom of 1.3016 could stop bears from meeting 1.3000 round-figure.
USD/CAD daily chart
Trend: sideways
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