USD/CAD hit 23.6 Fibonacci retracement on weekly chart.

9 thg 3, 2016

Long term, the USDCAD looks bullish. the past few weeks has seen the commodity reliant pairing drop a fair amount due to the recovering oil prices. However, the price has hit the 23.6% fibonacci retracement, therefore we are waiting for some sign of a bullish continuation. The daily chart also shows the price touching the 200 EMA then having a strong bullish movement off it, which again suggest a bullish continuation is on the cards. See plusfxtrading.com for more analysis