FX:USDCAD U.S. Dollar / Canadian Dollar
The price had been downtrending for the past couple of weeks before finally breaking out of the descending trendline and making its way to the 1.27 area. After an impulsive move, a correctional move is much needed. Therefore, we targeted the 1.256 zone of previous resistance now turned support that aligns with the golden Fibonacci ratio zone (0. .618). Now that the price has reached the initially targeted zone, we are waiting for it to form a nice bottom and bounce off the area of demand before continuing its upside movements and reaching the zone illustrated on the graph.
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