20 July USDCAD Technical Outlook: Bulls are struggling with 61.8% Fibo. expansion level


Trading USDCAD? How will the pair behave today? This 20 July USDCAD Technical Outlook will provide you with necessary guidance.

20 July, GKFX – The pair continued with its struggled to breakthrough 1.3280 resistance zone, marking 61.8% Fibonacci expansion level of the 1.3064-1.3234 up-move and subsequent retracement.

20 July USDCAD Technical Outlook

Meanwhile, short-term technical indicators still hold in positive territory and hence, dip-buying interest might continue to keep a floor on any meaningful retracement from three-week tops. 

However, it would be prudent to wait for a follow-through momentum beyond 61.8% Fibonacci expansion level before positioning for any further up-move, even beyond the 1.3300 handle. 

USDCAD 1-hourly chart

Spot rate: 1.3255

Daily High: 1.3290

Daily Low: 1.3246

Trend: Bullish

Resistance

R1: 1.3300 (round figure mark) 

R2: 1.3355 (100% Fibo. expansion level)

R3: 1.3386 (1-year top set on June 27)

Support

S1: 1.3226 (50-period SMA H1)

S2: 1.3190 (S1 daily pivot-point)

S3: 1.3160 (overnight swing low)

Disclaimer

This article 20 July USDCAD Technical Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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