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Forex News

Bulls defend 23.6% Fibonacci retracement

  • USD/CAD bounced up from key Fibonacci support on Thursday. 
  • A break above Thursday’s high is needed to bring recent highs on the radar.

USD/CAD jumped 0.13% on Thursday, snapping a two-day losing streak and defending the support at 1.3240 – the 23.6% Fibonacci retracement of the rally from 1.2952 to 1.3329. 

The pair also broke out of a descending channel on Thursday, according to the hourly chart. 

So far, however, the defense of the key Fibonacci support and the channel breakout have failed to entice buyers. The pair faced rejection at Thursday’s high of 1.3270 a few minutes before press time. 

Alongside that, the 50-hour moving average (MA) has crossed below the 200-hour MA, confirming a bearish crossover.

As a result, the pair risks revisiting the Fibonacci support of 1.3240. A close lower could bring additional declines toward 1.3185, which is the 38.2% Fibonacci retracement level. 

On the flip side, acceptance above Wednesday’s high of 1.3270 would open the doors to 1.33-1.3329. 

Daily chart

Hourly chart

Trend: Neutral

Technical levels

 

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