The USDCAD pair gave us a strong buy signal last time we traded it (February 09, see chart below) but was rejected right under the 0.618 Fibonacci retracement level:
A similar rejection happened on December 07 2022 and April 25 2023 which resulted into a sell-off to the lower Support Zone. Even though the medium-term pattern is a (dashed) Channel Up, the recent Bearish Cross formation can initiate a sell-off to the lower Support Zone similar to those we mentioned before. The confirmation would be a 1D candle closing below the 1D MA50 (blue trend-line) and the Higher Lows trend-line of the Channel Up.
As a result our short-term target is 1.32300 (just above the Support Zone). A closing above the Symmetrical Resistance Zone, invalidates that.
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