USDCAD has broken through the resistance levels we noted in our last analysis and has reached the 1.3270 target area. Now we see some rejection signs that should be taken under serious consideration.
USDCAD has reached the 38% Fibonacci retracement of the decline from 1.13565 and the 61.8% Fibonacci retracement level of the decline from 1.3432. This is important resistance area and our first bounce target. So far it looks like that it will not be ease to break this resistance level. Support is found at 1.31 and breaking below it could lead to a move below 1.30. A daily close above 1.3270 would open the way for a move towards the next major Fibonacci level of 1.3355.
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