USDCAD Buy the bounce short-term

On our last USDCAD analysis (December 01 2023, see chart below), the price action gave us an excellent sell entry that easily hit our 1.3400 target:


The pair has since rebounded above both the 1D MA50 (blue trend-line) and 1D MA200 (orange trend-line). We expect the 1D MA50 to hold and deliver a new short-term rebound towards the 0.618 Fibonacci level (Target at 1.36200), comfortably below the 1-year Symmetrical Resistance Zone. A closing above the that Zone would present a new buy opportunity after a pull-back near the 1D MA50 again with a target on the Resistance 1 level.


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