USD/CAD: Double top at the 76.4% Fibo

The 76.4% Fibo usually acts as a good support or resistance zone. On the daily chart of the USD/CAD we can see that the price has already visited the 76.4% Fibonacci Retracement and it has bounced twice to the downside, creating a “double top” formation. From this zone, the price may continue falling towards the 61.8% Fibo, which coincides with the 200 day exponential moving average, around the 1.3068 level. Below that zone, the 50% Fibo along with the 1.3000 level and the 55 day EMA may also act as support. To the upside, above the 76.4% Fibo, the 1.3200 level may act as resistance.