On the 4
hour chart of the USD/CAD we can see that the pair has retraced to the upside,
visiting the 55 period exponential moving average, purple line, which coincides
with the 38.2% Fibonacci Retracement, around the 1.2841 level. That zone could
act as resistance and it is possible for the price to bounce to the downside.
If the price goes back down, then the low at the 1.2655 level could act as
support. In case the price breaks to the upside the current resistance area,
then the 1.2900 level may act as resistance along with the 50% Fibo. Above the
50% Fibo, we can see the 200 period exponential moving average, blue line and
the 61.8% Fibo, which could act as resistance too.
I'll watch those levels, thank you.
ReplyDeleteIt's still quite bullish.
ReplyDeleteWill be watchful on these levels!
ReplyDeleteGreat daily note, thank you.
ReplyDeleteImportant information, will keep it in mind!
ReplyDeleteUseful info!
ReplyDeleteThanks for the analysis.
ReplyDelete