USD/CAD falls to retracement target from the recent rally

Technical Analysis

Author: Adam Button | usdcad

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.
USD/CAD touches the 38.2% Fibonacci level

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.

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