empty
 
 

28.01.202218:33 Forex Analysis & Reviews: USDCAD at important Fibonacci resistance.

USDCAD is trading around 1.2764. Short-term trend is bullish but price has reached important resistance at 1.2767 where we find the 61.8% Fibonacci retracement of the entire decline from 1.2962 to 1.2450.

Exchange Rates 28.01.2022 analysis

Black lines - Fibonacci retracements

Green lines - Equal size upward movements

USDCAD is very likely to turn lower and form an important top at recent highs at 1.2795. First of all as we mentioned above, price has reached the key Fibonacci resistance at 1.2767. Moreover the second leg higher is almost equal to the first upward movement from 1.2450 to 1.27. Price continues making higher highs and higher lows, technically trend remains bullish. A break below 1.27 would be the first signal of a reversal to the downside.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




  • Trade Wise, Win Devise
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
    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
Can't speak right now?
Ask your question in the chat.