USD/CAD could resume the bearish bias at 100% Fibo level
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Loonie has been recovering from June 14th lows and it was done in a double cycle. That’s why we’e expecting a pull back to resume the bearish bias, because at the current stage, USD/CAD is facing a strong Fibonacci expansion level of 100% around 1.3323. That zone should hold in order to cap further gains in the pair, amid weak oil prices across the market.
If it manages to do the pull back mentioned above, next target should be placed around 1.3262 (200-hr SMA) and 1.3224, where is located the Fibonacci retracement level of 1.3224. To invalidate the bearish scenario, USD/CAD should break above 1.3369 in order to target the 1.3420 level (161.8%).
