USD/CAD directionless in the short-term, 1.30 in sight?
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USD/CAD has been staying in a tight range across the board and the bulls are being capped by the resistance level of 1.2916. The 200 SMA is acting as a dynamic pivot and it looks like the sellers and buyers are struggling to find direction in the short-term. According to our Fibonacci projections, the pair could plummet towards the Fibonacci level of 50% at 1.2721, where the buyers could make a rebound in order to go to test the -23.6% Fibo zone at 1.3008.
RSI indicator remains in the negative territory, favoring to the bears.
