USD/CAD Rises to 7-Week High

USD/CAD Rises to 7-Week High

24 May 2016, 09:38
Roberto Jacobs
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USD/CAD Rises to 7-Week High

USD/CAD rose to a fresh 7-week high early on Tuesday at 1.3176. RSI is trending upwards and has not entered overbought territory yet, so there is room for further upside.

The market is close to the April 4 high of 1.3217. If it is surpassed, there is scope to target 1.3310, which is the 38.2% Fibonacci retracement level of the downleg from 1.4689-1.2460. From here, the aim will be the 200-day moving average at 1.3355.

Alternatively, if the market reverses back down, the key 1.30 level comes into view. Also, an important support level lies at 1.2987, which is the 23.6% Fibonacci. Below this, the 50-day moving average at 1.2916 would act as support.


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