USD/CAD close to make a pull back

USD/CAD close to make a pull back

USD/CAD has been recovering since September 8th session and it’s now consolidating gains above the 50 SMA at H4 chart. Currently, Loonie is facing a resistance around the Fibo area of 50% at 1.2362 and if the pair manages to pull back in that territory, we should expect declines to reach the first target to the downside at the 1.1921 level, once it manages to break the low of 1.2063.

RSI indicator remains in the positive territory, favoring to another higher extension.

USDCADmH4.png

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