USDCAD Analysis: Reveals new pattern
|USDCAD
As expected, the US Dollar made a brief retracement towards the 61.80% Fibonacci retracement level on Monday. However, after hitting the 61.80% Fibo at 1.3089, the currency pair pulled back.
By the middle of the European trading session on Tuesday, the USD/CAD exchange rate has revealed a new junior descending channel pattern, as can be observed on the 1H chart.
Everything being equal, it is likely that the currency exchange rate continues moving south during the following trading session until it breached a support level formed by the weekly pivot point near the 1.3018 mark.
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