- USD/CAD drops to the intra-day low around 1.3310 ahead of European open on Wednesday.
- The pair seems to form a symmetrical triangle pattern on the four-hour chart if we observe its trade moves since early March month.
- As a result, pattern support-line at 1.3290 is likely immediate support to watch during the quote’s further declines.
- Should prices refrain from following triangle formation and slip under 1.3290, 61.8% Fibonacci retracement of February – March upside, at 1.3220, followed by an ascending trend-line stretched since early February at 1.3180, can entertain sellers.
- Assuming the bears’ dominance past-1.3180, 1.3110 and 1.3070 could flash on their radars to target.
- If at all the quote takes a U-turn from present levels, 23.6% Fibonacci retracement level around 1.3375/80 can limit its near-term advances ahead of 1.3400 round-figure resistance.
- Additionally, pair’s rise beyond 1.3400 can confront pattern resistance-line at 1.3450, a break of which can propel it in a direction to 1.3470 and 61.8% Fibonacci expansion (FE) level near 1.3495 – 1.3500.
USD/CAD 4-Hour chart
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