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Forex Technical Analysis USD/CAD 2013-06-14

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Positive trend in the currency pair may be in danger as prices closed below 61.8% Fibonacci level of 1.0014 to 1.0420, at 1.0170 as well as plunged below 50 and 100 SMAs, it dropped as low as 1.0144. Nevertheless, Stochastic oscillator is at the oversold zone suggesting a corrective move could follow and for the time being the bias is trying to turn to the upside for the intraday, as prices returned to 1.0170.


Therefore we expect a retracement in the intraday towards 1.0216, breaching that level correction could extend in the following trading sessions to resistance at 1.0265, above that level up trend would be again the dominating structure. Alternatively, the pair could be well limited by 1.0170 or even the 1.0261 and then continue between 1.0216/1.0144 possible range in the intraday while in the medium term downside may resume.



 

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