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- USD/CAD Price Analysis: Pulls back from 61.8% Fibo. as MACD teases bears
USD/CAD Price Analysis: Pulls back from 61.8% Fibo. as MACD teases bears
- USD/CAD eases from monthly top, sidelined of late.
- MACD teases bears as sellers eye 200-SMA retest.
- Early October’s swing highs add to the upside filters.
USD/CAD seesaws around 1.2550, following a U-turn from the monthly high, amid Monday’s Asian session.
That said, the Loonie pair struggles to extend the previous day’s U-turn from the 61.8% Fibonacci retracement (Fibo.) of late September-October downturn even as the MACD signals tease the sellers.
Hence, the latest moves remain contradictory but the bears have an upper hand, which in turn directs the quote further to the south, near the 200-SMA level of 1.2460.
However, a convergence of the 23.6% Fibo. and a 13-day-old support line, around 1.2400, will challenge the USD/CAD downside afterward.
Meanwhile, the pair’s recovery moves need to cross the 61.8% Fibonacci retracement level of 1.2588 to recall the USD/CAD buyers.
Even so, highs marked during October 06 and 01, respectively around 1.2650 and 1.2740, will challenge the quote’s further advances.
USD/CAD: Four-hour chart
Trend: Further weakness expected
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