USD/CAD falls to retracement target from the recent rally

Technical Analysis

USD/CAD touches the 38.2% Fibonacci level

The January jobs report left a big dent in the February USD/CAD trade. The pair gave back 38.2% of the rally in one quick move after yet-another extremely strong jobs report.

The pair fell to 1.3233 from 1.3329 at the high in Asian trading but has since bounced to 1.3256.

That shows that the bulls are in control but much is going to be depend on oil. It’s up 25-cents to $52.90 and trading at a session high.

If USD/CAD swings lower again, the 100-dma is at 1.3223 followed by the 50% retracement at 1.3199.


Products You May Like

Articles You May Like

Iran’s Death Spiral — 40 Years And Counting
EURUSD Price Loses Traction Ahead of US Autos Ruling
USD/CAD – Canadian dollar quiet ahead of manufacturing, retail sales
Forex Strategy That ALWAYS WINS (WORKS 100%)
ForexLive Asia FX news wrap: CHF… do not adjust your monitors

Leave a Reply

Your email address will not be published. Required fields are marked *