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9 Jan 2020

USD/CAD Technical Analysis: Climbs to over 1-week tops, closer to 38.2% Fibo. level

  • USD/CAD edges higher for the third consecutive session on Thursday.
  • Bulls took cues from the overnight sustained move above 200-hour SMA.

The USD/CAD pair held on to its mildly positive tone through the early North-American session on Thursday and climbed to over one-week tops, levels just above mid-1.3000s in the last hour.

The overnight sustained strength above 200-hour SMA – for the first time since December 26 – was seen as a key trigger for bulls and some follow-through traction for the third consecutive session.

The pair has now moved closer to a resistance marked by 38.2% Fibonacci level of the 1.3273-1.2944 latest leg down, which should now act as a key pivotal point for the pair's near-term trajectory.

Meanwhile, technical indicators on the 4-hourly chart have been gaining positive traction but are on the verge of moving into the overbought territory on the 1-hourly chart, warranting some caution.

This coupled with the fact that oscillators on the daily chart – though have been recovering – are yet to catch up with the recent positive move and raise scepticism over any further near-term recovery.

Hence, any subsequent move towards the 1.3100 round-figure mark might still be seen as a selling opportunity and seems more likely to remain capped near the 1.3115-20 horizontal resistance.

USD/CAD 1-hourly chart

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