USD/CAD - USD/CAD Remains Above 38.2% Fibonacci Level - Neutral Bias - 11/17/2017 (GMT)
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USD/CAD Chart
The USD/CAD pair dropped sharply since the beginning of the month and we will not be surprised by the relief move to the upside. The commodity currency pair recorded two straight negative weeks, plunging more than 1%. Also, the price hit the ascending trend line that is holding over the last two months. The price printed the sixth consecutive bullish day and we are expecting further upward tendency.
The next target to have in mind is the 1.2920 resistance level, which overlaps with the 200-day SMA as well as with the 50.0% Fibonacci retracement level with high at 1.3790 and low at 1.2060. The technical indicators are confirming the recent rising momentum as the RSI indicator is pointing to the upside in the positive territory and the MACD oscillator is holding above its zero line with weak momentum.
The next target to have in mind is the 1.2920 resistance level, which overlaps with the 200-day SMA as well as with the 50.0% Fibonacci retracement level with high at 1.3790 and low at 1.2060. The technical indicators are confirming the recent rising momentum as the RSI indicator is pointing to the upside in the positive territory and the MACD oscillator is holding above its zero line with weak momentum.
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