USD/CAD trying to gain momentum

USD/CAD trying to gain momentum

USD/CAD had a very bearish week and it’s trying to recover from such losses. According to our projections, Loonie has been performing a rebound from the 50% Fibonacci retracement level at 1.2597, where it also gained momentum. If the bullish bias continues to be dominant across the board, we can expect further rallies to reach the -23.6% Fibonacci retracement level of 1.2861 as our preferred outlook for the short and mid-term.

RSI indicator is slightly moving in the positive territory, favoring to the bulls.

USDCADmH1.png

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