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USDCAD has broken out of the short-term bullish channel. Price is reversing from the 61.8% Fibonacci retracement resistance level at 1.3355 which was our second target since it was trading near 1.3050.
Blue line - major support of long-term bullish channel
In previous posts I noted the importance of the 61.8% Fibonacci retracement resistance. The double top rejection signs were a bearish sign and now that price is breaking out of the bullish channel we have confirmation of those fears. Support is at 1.3190 and if we see price break this level we should expect a test of the Summer lows near 1.30. Resistance is key at 1.3355. Breaking above this resistance level after making a higher low around 1.32 would be a very bullish sign and could push the pair towards 1.3520. Risk reward favors bears for now as we are closer to the major resistance that can work as a stop level.
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