USD/CAD: Possible Retracement on 61.8%-78.6% FIBO Area

25 de abr. de 2023

The USD/CAD is clinging to modest gains around 1.3600, having reached the highest levels in three weeks the previous day in the early hours of Tuesday am in Europe. In doing so, the Loonie pair applauds the US Dollar's recent rally while also justifying the WTI crude oil price's drop during lethargic trading hours. The technical component reveals that the price is approaching the 61.8% Fibonacci Level and the 78.6% Fibonacci Level, and this area could be a Strong zone where the price may retrace. If the price in this area develops a Bearish formation / pattern or signal, we will trade short with a stop loss at 1.3750.