USD/CAD - USD/CAD Surpassed 50-Day SMA and Is Approaching the 23.6% Fibo Level - 08/31/2017 (GMT)
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USD/CAD Chart
The U.S. dollar traded gradually higher against the Canadian dollar since Wednesday’s session and soared more than 1.4% this week so far. The USD/CAD pair posted a pullback after it hit the 1.2440 support level and successfully surpassed the 50-day SMA. Our prediction is a further rising until the 23.6% Fibonacci retracement level near 1.2740. The Fibonacci level holds from May 5th until July 26th. Technically, on the short-term chart, the RSI indicator is strengthening its bullish momentum and climbed above the 50 level. Moreover, the MACD oscillator is moving higher below the zero line but it surpassed the trigger line.
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