Technical Analysis – USDCAD struggles below 2-month peak; surpasses downtrend line
Posted on February 7, 2020 at 7:51 am GMTUSDCAD recorded a two-month high after successfully jumping over the one-year falling trend line, where the pair encountered a strong barrier at the 50.0% Fibonacci retracement level of the down leg from 1.3664 to 1.2950 at 1.3305. The buying interest seems to be soft as the technical indicators are suggesting a possible pull back in the short-term. The stochastic oscillator created a bearish crossover within its %K and %D lines in the overbought zone, while the RSI is flattening near its 70 level. Also, the MACD [..]