Chart Of The Day: 200-day SMA restricts USDCAD upside before Canadian Retail Sales

Fri, 20 Sep 2019 13:17

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With the Saudi-led alliance's military strike over Yemen likely weighing on the USDCAD pair, latest U-turn from 200-day SMA could drag the quote further to the south if Canada's July month Retail Sales data disappoint traders. With this, 38.2% Fibonacci retracement level of 1.3225 and mid-August low surrounding 1.3180 could lure bears whereas monthly bottom around 1.3130 might play its role afterward.

On the upside, a successful break of 200-day SMA level of 1.3300 could propel prices to 1.3350, comprising 61.8% Fibonacci retracement, and then to the monthly top near 1.3385. However, a horizontal-line surrounding 1.3425/30 can limit pair's further advances.

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