empty
 
 
29.12.2020 10:45 AM
USD/CAD Price Analysis for December 29, 2020
  • USD/CAD struggles to hold near the 1.28 horizontal support
  • Key Fibonacci retracement levels add to the upside barriers

This image is no longer relevant

A combination of factors prompted some fresh selling in USD/CAD on Tuesday. The prevalent upbeat market mood continued to weigh on the safe-haven greenback. USD/CAD dropped to 1.28 during early trading on Tuesday. In doing so, the loonie pair battles a horizontal area comprising multiple levels marked since December 7.

Although the key support restricts short-term USD/CAD declines, further weakness towards challenging the 1.2800 threshold could be seen. If the quote remains downbeat past 1.2800, the level of 1.2770 can offer an intermediate halt during the downward move to refresh a monthly low around the 1.2700 round figure mark which provides strong support .

Meanwhile, 1.2860 guards the immediate upside of USD/CAD. Even if the USD/CAD buyers manage to cross 50% and 61.8% Fibonacci retracement from November 13 to December 15 downside, the 1.3000 psychological level will be tested for any further rise.

Jan Novotny,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback