USDCAD – fresh bears test key Fibo support at 1.2792
The pair was sharply lower on Tuesday and hit one week low at 1.2810, as Canadian dollar strengthened on optimism over NAFTA trade deal and crude oil steadied after suffering strong losses on Monday.
Today’s weakness probes below former low of correction from 1.3124 at 1.2814 and pressures pivotal support at 1.2792 (Fibo 38.2% of 1.2255/1.3124 ascend).
Break and close below the latter will be strong bearish signal for extension of pullback from 1.3124 (19 Mar peak) towards 1.2693 (converged 55/100SMA’s / 50% retracement).
Daily cloud is twisting tomorrow and would attract for fresh easing, with scenario being supported by fresh bearish momentum and bearish setup of MA’s (10;20;30).
Res: 1.2814; 1.2880; 1.2925; 1.2940
Sup: 1.2792; 1.2757; 1.2693; 1.2610