Fibonacci Retracement Analysis: NZD/USD and USD/CAD Near Key Levels

2026-05-13 · Forex · MarketsFN Team

Fibonacci Retracement Analysis: NZD/USD and USD/CAD Near Key Levels

Published: May 13, 2026

Market Overview

The GBP/USD pair continues to decline, slipping below the 20-day EMA, indicating bearish sentiment for the British pound. Meanwhile, the Indian rupee gains support from increased import tariffs on gold, while the U.S. dollar strengthens ahead of an anticipated meeting between Trump and Xi, coupled with upcoming inflation data. Additionally, Morgan Stanley predicts a potential decrease in USD/CNY if China's export performance remains robust.

NZD/USD - New Zealand Dollar / U.S. Dollar

Currently trading at 0.59228 (-0.44% today), NZD/USD is positioned just 0.19% away from the critical 61.8% Fibonacci retracement level, making it a pair to watch closely.

Technical Analysis

**Technical Analysis of NZD/USD Using Fibonacci Retracement Levels** As of the latest data, the NZD/USD is currently trading at 0.59228, positioned just 0.19% below the significant Fibonacci retracement level of 61.8%, which is located at 0.59117. The recent downtrend in this currency pair, highlighted by the swing high of 0.61193 and swing low of 0.55759, suggests a bearish sentiment in the market. The proximity to the 61.8% retracement level is particularly noteworthy, as this level is often regarded as a critical zone for potential reversal or continuation patterns. Being so close to this threshold indicates that traders should closely monitor price action here. A sustained break above 0.59117 could trigger a retracement rally toward the 78.6% level at 0.60030, while a failure to hold above this level may intensify selling pressure. Key support and resistance zones are clearly defined by the Fibonacci levels. Support is anticipated at the 50.0% level (0.58476) and further at 38.2% (0.57835). Conversely, resistance is established at the 78.6% level (0.60030) and the recent swing high of 0.61193. This creates a well-defined range where traders can anticipate potential price action. From a trading perspective, a potential short position could be considered if the price fails to breach the 61.8% level, with targets set towards the 50.0% and 38.2% levels. Conversely, a breakout above the 61.8% level could signal a bullish retracement towards the 78.6% level, offering a favorable long entry. In conclusion, traders should closely watch the 61.8% Fibonacci retracement level at 0.59117 as a pivotal point, while also monitoring the surrounding support and resistance levels for actionable insights.

Fibonacci Levels

USD/CAD - U.S. Dollar / Canadian Dollar

Trading at 1.36950 (+0.01% today), USD/CAD is also showing interesting positioning near the 38.2% level (only 0.27% away).

As of the current market data, USD/CAD is positioned at 1.36950, just 0.27% below the 38.2% Fibonacci retracement level at 1.37322. This proximity suggests a critical pivot point; a breach above this level could indicate a potential reversal in the downtrend, while failure to break through may reinforce bearish momentum. Key support is established at the swing low of 1.34805 (0.0% level), while resistance aligns closely with the 50.0% retracement at 1.38100. The 23.6% level at 1.36360 also serves as a minor support zone. Traders should monitor price action around the 38.2% level closely. A confirmed breakout could lead to a test of the 50.0% resistance, while a rejection may drive prices back towards the swing low. Key levels to watch include 1.37322 (38.2%), 1.38100 (50.0%), and the swing low at 1.34805.

Fibonacci Levels

Key Takeaways

• NZD/USD is positioned near the 61.8% Fibonacci level, a historically significant price zone
• USD/CAD is also testing the 38.2% retracement level
• These Fibonacci levels often act as dynamic support and resistance zones
• Traders should monitor price action at these levels for potential trading opportunities
• Risk management remains crucial when trading near Fibonacci retracement levels