Technical Analysis

Technical Outlook: USDCAD – Fresh Bullish Acceleration Signals Full Retracement Of 1.2916/1.2665 Correction

Typography

The pair advances further on Wednesday and breaks above pivotal barriers at 1.2820 (Fibo 61.8% of 1.2916/1.2665) and 1.2836 (21 Nov former recovery peak).

Break here to confirm higher base at 1.2665/70 for full retracement of 1.2916/1.2665 correction, with lift above 1.2916 to open psychological 1.3000 barrier and signal further retracement of larger 1.3793/1.2061 descend. Next target lies at 1.3131 and marks Fibo 61.8% retracement.

Daily techs are in full bullish setup and support further advance, with weekly cloud twisting at 1.3280 next month and expected to attract bulls.

Bullish cross of 10/20SMA which formed yesterday, further underpins the action, with rising 10SMA marking solid support at 1.2767.

No data from Canada are scheduled today and traders will focus a number of releases from the US for fresh signals.

Res: 1.2857, 1.2916, 1.3000, 1.3071
Sup: 1.2807, 1.2767, 1.2751, 1.2713

Author: Windsor Brokers LtdWebsite: http://www.windsorbrokers.com/
Windsor Brokers Ltd
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