USD/CAD confronts 50% Fibonacci retracement during its recent recovery. A downward sloping resistance line since mid-June holds the key to 61.8% Fibonacci retracement. Multiple supports on the downside, bullish MACD question pair’s declines. USD/CAD registers another U-turn from 10-day Simple Moving Average (SMA) while taking the bids to 1.3280 during the pre-European session on Wednesday. 50% Fibonacci retracement of May-July fall, at 1.3291, acts as immediate resistance ahead of the key descending trend line ranging from June 18, near 1.3325/30. In a case prices rally beyond 1.3330 on a daily closing basis, bulls may target 61.8% Fibonacci retracement around 1.3356/60 while heading towards September month top surrounding 1.3385. Meanwhile, a downside break of the 10-day SMA level of 1.3270 can have 38.2% Fibonacci retracement level of 1.3225 and one-month-old rising trend line, at 1.3200, as near-term key supports. Not only multiple supports but bullish signals from 12-bar Moving Average Convergence and Divergence (MACD) also portray the pair’s strength. USD/CAD daily chart Trend: Bullish FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next RBA likely to cut the cash rate to 0.25% by June 2020 – Westpac FX Street 3 years USD/CAD confronts 50% Fibonacci retracement during its recent recovery. A downward sloping resistance line since mid-June holds the key to 61.8% Fibonacci retracement. Multiple supports on the downside, bullish MACD question pair's declines. USD/CAD registers another U-turn from 10-day Simple Moving Average (SMA) while taking the bids to 1.3280 during the pre-European session on Wednesday. 50% Fibonacci retracement of May-July fall, at 1.3291, acts as immediate resistance ahead of the key descending trend line ranging from June 18, near 1.3325/30. In a case prices rally beyond 1.3330 on a daily closing basis, bulls may target 61.8% Fibonacci retracement around 1.3356/60… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
