RLinda ! USDCAD -> Retest of key Fibonacci levels

27 mars 2023

The USDCAD breaks through the resistance line of the descending channel upwards and is experiencing an attempt to change the trend to an upward one. A retest of the support zone is formed, what to expect from the price?

The price has tested 1.38000 and is forming a technical pullback to 1.37300 area, where the support and liquidity zones are formed. A retest of the previously broken upper boundary of the channel is possible.
At the moment the price is testing the 0.5 Fibo level, on the local timeframe we see the pullback. Price return above 1.37300 area and consolidation above this area will form bullish potential.

I expect growth from the Fibo level of 0.5 (it is possible that the price will go down to 0.618)
At the moment the market is trying to break the trend and there is a possibility of forming a bullish impulse. Short-term target is the resistance level of 1.3800, medium-term target is the liquidity zone of 1.38600.

Regards R. Linda!