USD/CAD looking for downside targets
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Loonie has been weak and given that decline, it has started to correct its overall bias. Currently, buyers are being capped by the Fibonacci retracement zone established by the 61.8% and 50% in 1.2941 and 1.2901 respectively. That’s one trigger to sell the pair, with a target placed around 1.2826, at which is located the Fibo retracement level of -23.6%. To invalidate such scenario, USD/CAD needs to break above 1.2963 (78.6%) and consolidates above the 200 SMA at H1 chart with a higher high pattern.
RSI indicator remains slightly bullish, calling for more upside in the pair.
