- USD/CAD defies Wednesday’s losses, rises third-time in four days.
- Short-term recoveries need validation from 61.8% Fibonacci retracement.
- 1.3930/25 can check sellers below the channel’s break.
By following the seven-day-old rising channel, USD/CAD takes the bids to 1.4180, up 0.15% on a day, amid the early Thursday.
The pair currently aims to confront 50% Fibonacci retracement of its fall from March 19, at 1.4262. However, the said channel’s resistance line, near 1.4320, could question the buyers afterward.
If at all the prices manage to cross 1.4320, 61.8% Fibonacci retracement level of 1.4360 stands tall to check the bulls targeting 1.4560 and the previous month high close to 1.4670.
Alternatively, a downside break below the channel’s support line, around 1.4125 now, will drag the quote to nearly a month-old horizontal support close to 1.3930/25.
USD/CAD four-hour chart
Trend: Further recovery expected
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