Technical analysis of USD/CAD 11/08/2022

The USD/CAD currency pair on the (1D) chart is developing a downward correction within an uptrend. The price broke through the support at 1.3500 (38.2% Fibo) and is currently in the area of 1.3450.

The technical picture suggests the development of a downward correction with the nearest target in the area of 1.3350 (50% Fibo). In case of breaking through 1.3350, the next target will be the level of 1.3200 (61.8% Fibo), (MA100).

If the quotes fix below 1.3200, this will mean that the correction will move into a downtrend with a development potential below 1.2740.

USDCAD_STPDaily

Created by Joshua Hayn

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