USD/CAD doing a short-lived correction

USD/CAD doing a short-lived correction

USD/CAD plummeted strongly on last Friday after positive data from Canada. Currently, the pair is trading off from its Friday’s lows and a corrective move is taking place across the board. The next target to the upside should be the 50% Fibonacci level at 1.2454, at which we can expect a strong resistance in order to resume the bearish bias towards the -23.6% Fibo zone at 1.2306.

RSI indicator is moving in the neutral territory.

USDCADH1.png

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