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USD/CAD technical analysis: Bulls await a move beyond 23.6% Fibo. level, post-NFP swing high

2019-07-09 21:40    FXYEAH
  • The USD/CAD pair traded with a positive bias for the third consecutive session and is currently placed near the post-NFP swing high, around the 1.3130-35 zone.
  • The mentioned region coincides with 23.6% Fibo. level of the 1.3432-1.3038 downfall, above which the pair is likely to continue with its ongoing recovery move.

The fact that the pair is holding comfortably above important intraday moving averages – 50, 100 & 200-hour SMAs, coupled with bullish oscillators on hourly charts support prospects for an eventual bullish breakthrough the mentioned resistance.

A follow-through buying has the potential to assist the pair to aim towards reclaiming the 1.3200 round figure mark – nearing 38.2% Fibo. level, though bearish oscillators on the daily chart warrant caution before placing any aggressive bullish bets.

On the flip side, the 1.3100-1.3090 area now becomes immediate support to defend, which if broken will indicate the resumption of the prior weakness trend and accelerate the slide back towards testing a key support near the 1.3050-40 region.

Failure to defend the said support might turn the pair vulnerable to head towards challenging the key 1.30 psychological mark before eventually dropping to its next major support near the 1.2970-65 region.

USD/CAD 1-hourly chart

USD/CAD technical analysis: Bulls await a move beyond 23.6% Fibo. level, post-NFP swing high Currency News

 

CADNFPTechnical Analysis

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