Technical analysis of USD/CAD 09/02/2022

The USD/CAD currency pair on the (1D) chart continues to trade in an upward channel.

The price found resistance at the level of 1.3207, resting on the upper border of the channel, bounced off and is currently consolidating around 1.3150.

The technical picture suggests a continuation of the decline as part of the correction.

Support levels:

1. 1.3100 (23.6% Fibo)

2. 1.3020 (38.2% Fibo)

3. 1.2965 (50% Fibo)

4. 1.2900 (61.8 fibo)

Cancellation of the development of a downward correction will be the growth of quotations above the maximum of 1.3220, which will indicate an exit beyond the upper line of the ascending channel and a change in the trend angle.

USDCAD_STPDaily

Created by Joshua Hayn

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