USD/CAD: Daily
After breaching that descending triangle resistance I showed y’all yesterday, USD/CAD seems ready to go for longer-term gains. Just how high could this pair go? Zooming out to the daily time frame reveals that price might have its sights set on the broken support zone around the 1.2400 major psychological mark. This coincides with the 50% Fibonacci retracement level and might keep further gains in check, as stochastic is already indicating overbought conditions. Once the selloff resumes, USD/CAD could make its way back down to the previous lows close to the 1.1900 mark. Just make sure you set a wide stop past the highest Fib if you’re thinking of shorting at the area of interest.
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