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
R1: 1.3300 (round figure mark)
R2: 1.3355 (100% Fibo. expansion level)
R3: 1.3386 (1-year top set on June 27)
S1: 1.3226 (50-period SMA H1)
S2: 1.3190 (S1 daily pivot-point)
S3: 1.3160 (overnight swing low)
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.
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