OctaFX | OctaFX Forex Broker
Open trading account

USD/CAD Price Analysis: Holds onto recovery gains from 21-day SMA

  • USD/CAD remains mildly bid near the three-day top.
  • The pair extends run-up from 21-day SMA but stays below 10-day SMA amid bearish MACD.
  • 23.6% Fibonacci retracement, eight-day-old falling trend line adds to resistance.

USD/CAD registers 0.10% gains while extending the previous day’s pullback from 21-day SMA to 1.4180 amid the pre-Europe session on Tuesday.

While 10-day SMA near 1.4290 is on the buyers’ radars, 23.6% Fibonacci retracement of the pair’s upside between February 21 and March 19, coupled with short-term falling trend line around 1.4320/25 will limit the pair’s further upside.

If at all buyers manage to cross 1.4325 on a daily closing basis, 1.4370, 1.4420 and 1.4560 can check buyers ahead of offering them the monthly top near 1.4670.

On the contrary, bearish MACD can help the sellers question 61.8% Fibonacci retracement level of 1.3760 if USD/CAD prices flash a daily close past-21-day SMA level of 1.3980.

It should also be noted that the early-month gap near 1.3440 will be in the market’s attention if the quote stays weak below 1.3760.

USD/CAD daily chart

Trend: Sideways


EUR/USD eyes indecisive monthly close

EUR/USD has witnessed wild swings in both directions over the last four weeks and is on track to end March on an indecisive or flat note. The currency
Read more Previous

Japan Construction Orders (YoY) came in at 0.7%, above forecasts (-0.7%) in February

Japan Construction Orders (YoY) came in at 0.7%, above forecasts (-0.7%) in February
Read more Next
Start livechat