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USD/CAD bears eye a correction in the daily 61.8% Fibo.
USD/CAD bulls eye a move higher to test the weekly bearish run.
The Canadian Dollar weakened against the greenback on Monday despite poor US data as the yield on the Canadian benchmark government debt fell. USD/CAD was trading at 1.3244 and between the day’s range of 1.3244 and 1.3248 in early Asia following a 42 pip opening balance on Monday. Meanwhile, from a technical perspective, the bulls are taking control and eye a significant correction as the following will illustrate:
The price is heading into a 38.2% Fibonacci on the weekly bearish impulse, but there is some way to go yet.
Zooming down on the daily chart, we can see the price correcting into the prior bullish impulse and the bulls will look to the prior highs that meet with the 61.8% Fibonacci retracement level.
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