USD/CAD: 4-hour
If you’d rather follow trends, then this longer-term retracement play on USD/CAD’s 4-hour forex chart is worth watching. Earlier this month, the pair surged past the key resistance around the 1.2700 to 1.2750 levels then zoomed all the way up to a high of 1.3103. From there, price showed signs of pulling back, possibly until the broken resistance area which lines up with the 38.2% Fibonacci retracement level. Stochastic is already indicating oversold conditions but hasn’t crossed up yet, which suggests that a bounce could take place sooner or later. A shallow correction might last only until the dynamic support at the 100 SMA, which is still treading above the 200 SMA and indicating that the climb could resume.
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