USDCAD – Correcting higher from 161.8%. Bias remains bearish

FX:USDCAD   U.S. Dollar / Canadian Dollar

USDCAD - Intraday - We look to Sell at 1.3146 (stop at 1.3186)

The medium term bias remains bearish . A Fibonacci confluence area is located at 1.2710. Price action has formed an expanding wedge formation. The 161.8% Fibonacci extension is located at 1.3036 from 1.3565 to 1.3238. Expect trading to remain mixed and volatile. There is scope for mild buying at the open but gains should be limited.

Our profit targets will be 1.3000 and 1.2950

Resistance: 1.3146 / 1.3172 / 1.3268
Support: 1.3035 / 1.3000 / 1.2710
Order cancelled: Day trade idea - cancelled. 10 new free reports posted
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