OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/CAD Technical Analysis: Set-up remains in favor of bullish traders

   •  The pair reversed a mid-European session dip to the 1.3400 neighbourhood and is currently placed at over two-week tops, coinciding with 61.8% Fibo. level of the 1.3664-1.3086 recent downfall.

   •  Given last week's solid bounce from a short-term resistance break-point-turned-support, bullish oscillators on the daily chart support prospects for an extension of the positive momentum.

   •  A sustained move beyond the 1.3440 region will further reinforce the constructive set-up and lift the pair beyond monthly swing highs towards reclaiming the key 1.3500 psychological mark.

   •  Hence, any meaningful pull-back might now be seen as a buying opportunity and should help limit the downside near 50% Fibo. level, around the 1.3070-65 region.

USD/CAD Daily chart

 

United States Chicago Fed National Activity Index climbed from previous -0.43 to -0.29 in February

United States Chicago Fed National Activity Index climbed from previous -0.43 to -0.29 in February
Read more Previous

Brexit: No final decision on MV3 tomorrow - ITV

"No 10 source just got in touch to say a 'final decision' hasn't been taken on MV3 tomorrow," ITV's political correspondent Paul Brand recently tweete
Read more Next
Start livechat