USDCAD Sell below the 1D MA50. Buy on Higher Low.

The USDCAD pair has been trading within a 1 year Channel Up pattern as we've mentioned on our last analysis in early June:


As you see, the rebound on the Channel's Higher Lows (bottom) trend-line worked perfectly as a buy entry and hit our Higher High target in short time. The price is now on a pull-back after the Higher Highs (broke above but still closed within the Channel Up) rejection and is testing the 1D MA50 (blue trend-line), which is holding as Support since June 10.

A break below that level will be a short-term sell towards the inner Higher Lows zone (green shape) where we can enter a new buy just below the 0.236 Fibonacci retracement level. Long-term target = 1.21370 or the 1.1 Fib (1.31980) as a new Higher High.




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