Forex: USD/CAD Hesitant Around 1.0167

on Jun 13, 2013

The USD/CAD has today reached its lowest point since 16 May at 1.0149 and is at the moment trading at 1.0172.

The 50 percent and 61.8 percent Fibo levels have been offering respectively resistance and support since 07 June, forcing the price to bounce between those two retracement levels. The MA200 on the 4H chart has also been functioning as a resistance, with the price resiling from that point as well as from the 89-day simple moving average.
However, the latest five daily candles have all closed between the 50 and 61.8 retracement levels, with the current candle back within the same Fibo area.
Resistance levels: 1.0175, 1.0195 and 1.0225.
Support levels: 1.0150, 1.0135 and 1.0090.

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