USDCAD currently trades around 1.3020, having broken below the 1.3000 level this week, prompting market headlines. The pair however traded straight back above this level which is protected on the downside by the 38.2% Fibonacci retracement level at 1.2952. USDCAD trades just below the 20- and 50-day moving averages but above the long-term 200-day ma, currently at 1.2825. A second level of Fibonacci support, the 50% retracement, sits at 1.2820. Short-term upside targets are situated between 1.3118 and 1.31365 – 23.6% Fibonacci and 20- and 50-day moving averages. After this the July19-20 double top at 1.3290 comes into view.
Entry Point: 1.3020
Target 1: 1.31365 (50-day moving average)
Target 2: 1.3290 (July 19-20 double top)
Stop-Loss: 1.2920 (below 38.2% retracement)
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