USD/CAD: 1-hour
Here’s another potential pullback opportunity! USD/CAD has been steadily climbing, but it looks like a retracement is in order, as the pair recently found resistance near the 1.1200 major psychological level. USD/CAD could retrace to the 1.1000 major psychological support level, which lines up with the rising trend line on the 1-hour forex chart. The 100 SMA might also hold as a floor, as this lines up with the 50% Fibonacci retracement level. Stochastic is already moving out of the oversold zone, reflecting a return in buying momentum, which might then lead to a test of the previous highs.
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