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USD/CAD retreats from intraday high as buyers struggle to overcome the key Hourly Moving Average (HMA) during early Monday in Europe. Even so, the Loonie pair prints 0.20% intraday gains around 1.3375 as it pares the heaviest daily loss in five weeks, marked the previous day.
The quote’s recovery could be linked to its bounce off the 61.8% Fibonacci retracement level of February 02-06 upside amid the oversold RSI (14) conditions.
However, the 200-HMA level challenges the USD/CAD pair’s immediate upside near 1.3385.
Given the bullish MACD signals, despite being sluggish of late, the Loonie pair may remain on the bull’s radar, suggesting a clear break of the immediate HMA hurdle surrounding 1.3385.
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Following that, 1.3415 may test the upside momentum before directing the USD/CAD bulls toward the two-week-old horizontal resistance area near 1.3470.
In a case where USD/CAD remains firmer past 1.3470, it can aim for a late January swing high near 1.3520.
Alternatively, the 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, puts a floor under the USD/CAD prices of around 1.3340, a break of which highlights the 1.3300 round figure for the bears.
Should USD/CAD breaks the 1.3300 round figure, the monthly low and November 2022 trough, respectively near 1.3260 and 1.3225, will gain the market’s attention.
Trend: Further downside expected
