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Technical Analysis: USDCAD takes rounds to three-year high ahead of Canadian CPI

Following its sustained break beyond 23.6% Fibonacci retracement of a sharp rise during 2015, the USDCAD seesaws near three-year high ahead of the key Canadian inflation data. While overbought RSI raises doubts on any further upside, a surprise positive data from Canada, and/or any recovery in crude oil, can pull the quote back below the 1.4040 Fibonacci supports. During the quote's south-run past-1.4040, 1.4000 and an upward sloping trend line since late-June 2018, at 1.3930, will be important for sellers to watch.

On the upside, late-January 2016 high near 1.4325 can act as the immediate resistance ahead of 1.4550 and the year 2016 top surrounding 1.4700. If at all the bulls remain in power past-1.4700, 1.5000 round-figure will be on their radars.

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