“¢ The pair continued with its struggle to make it through the 1.3445-50 resistance, marking 61.8% Fibonacci retracement level of the 1.3666-1.3069 recent corrective slide.
“¢ However, the fact that the pair is holding above upward sloping 100/200-day SMA, coupled with bullish oscillators on the daily chart support prospects for an eventual bullish breakout.
“¢ Hence, any meaningful dips below the 1.3400 handle might now be seen as a buying opportunity and bulls might target a move towards reclaiming the key 1.3500 psychological mark.
“¢ Today’s release of monthly Canadian GDP print and the US macro data might provide the required momentum/act as a key trigger for the pair’s next leg of a bullish trajectory.
USD/CAD daily chart
-636894553916654712.png)
Share
