USD/CAD: 1-hour
Time for a quick bounce? USD/CAD has been trading above a rising trend line on its 1-hour forex time frame and looks ready to make a test of the support area. Using the handy-dandy Fib tool on the latest swing low and high reveals that the 38.2% Fibonacci retracement level lines up with the trend line and may act as support. Stochastic is already moving out of the oversold area anyway, which means that buyers are ready to push the pair back up. In that case, USD/CAD could make its way back to the previous highs around 1.1670.
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