Taking a Closer Look at USD/CAD

Today I'm looking at the USD/CAD pair which ended up above the daily Ichimoku cloud even after all last week's volatility. The 38% Fibonacci retracement level of 1.3227 remains a strong support.

USDCAD

However, the 61% Fibonacci retracement level of 1.3353 is now looming as a resistance! More importantly, the pair could even be in the process of forming a double top bearish reversal chart pattern. If you're a range trader, then you might be better off looking between these two levels before we have a more solid trend confirmation based on Ichimoku.

 


 

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