USD/CAD could reach the 50% Fibonacci level

USD/CAD could reach the 50% Fibonacci level

Loonie has been trading in a corrective phase across the board with an ongoing consolidation below the 50 SMA at H1 chart. The price is approaching the 200 SMA, which coincides with the Fibonacci level of 38.2% at 1.2787. Around that area, the pair is expected to make a rebound, but a leg lower towards the 50% Fibonacci level cannot be discarded at this stage. To the upside, the critical target lies at 1.3331.

RSI indicator remains in the negative territory, favoring to another lower extension to the mentioned level.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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