USDCAD Buy the bounce short-term
On our last USDCAD analysis (December 01 2023, see chart below), the price action gave us an excellent sell entry that easily hit our 1.3400 target:
The pair has since rebounded above both the 1D MA50 (blue trend-line) and 1D MA200 (orange trend-line). We expect the 1D MA50 to hold and deliver a new short-term rebound towards the 0.618 Fibonacci level (Target at 1.36200), comfortably below the 1-year Symmetrical Resistance Zone. A closing above the that Zone would present a new buy opportunity after a pull-back near the 1D MA50 again with a target on the Resistance 1 level.
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The pair has since rebounded above both the 1D MA50 (blue trend-line) and 1D MA200 (orange trend-line). We expect the 1D MA50 to hold and deliver a new short-term rebound towards the 0.618 Fibonacci level (Target at 1.36200), comfortably below the 1-year Symmetrical Resistance Zone. A closing above the that Zone would present a new buy opportunity after a pull-back near the 1D MA50 again with a target on the Resistance 1 level.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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