The pair is currently stuck between the Fibonacci channels and the two major trends.
If the falling trend with the 0.382 Fibonacci channel is not broken, we can see 1.41 levels again. However, if these prices break these trends, the target will be around 1.20.
It contains only personal views and opinions. Does not contain legal investment advice ...
The USDCAD is somewhat neutral overall. By looking at the monthly and weekly timeframe, there seems to be an equal balance between buyers and sellers with the scale slightly favors the sellers at this point. Hence why the bounce on the chart could be limited to 1.31 level. Because we anticipate a bounce on USD Index, USDCAD should also follow suit before heading...
