USD/CAD directionless in the short-term, 1.30 in sight?

USD/CAD directionless in the short-term, 1.30 in sight?

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.



Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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