USDCAD Technical Analysis

The USDCAD pair continued to rally and reached the Fibonacci level of 1.3022. There is no sign of a peak in the market yet, and the short-term trend of the US dollar against the Canadian dollar is upward. A definitive break of 1.3022 could trigger a major uptrend. In that case, the next USDCAD target would be to estimate 100% Fibonacci at 1.3343.

From the traders’ point of view, the short-term trend will be neutralized if the USDCAD pair crosses below the partial support of 1.2907. However, as long as the support of 1.2712 remains, the general trend of the market will remain bullish.

* Technical daily analysis of USDCAD