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USD/CAD Price Analysis: Breaks above 61.8% Fib

  • USD/CAD has breached a Fibonacci retracement hurdle at 1.3184. 
  • The breakout is backed by bullish readings on technical indicators.

USD/CAD is looking north, having established a secure foothold above the crucial resistance at 1.3184, which marks the 61.8% Fibonacci retracement of the sell-off from 1.3328 to 1.2952. 

The pair closed at 1.32 on Wednesday, invalidating the preceding day's bearish candle, which represented a failure on the part of the bulls to keep gains above 1.3186. 

Sellers tried to push the pair back below 1.3186 in Asia but failed. With the breakout above the 61.8% Fibonacci hurdle confirmed, the pair looks set to test the 200-day average, currently located at 1.3231. 

Supporting the bullish case are the ascending 5- and 10-day averages. Further, the RSI is reporting bullish conditions with an above-50 print. 

Daily chart

Trend: Bullish

Technical levels

 

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