USDCAD is new today? What is the next trend?Hello, Karina's wonderful friends!
USD/CAD has dropped sharply to around 1.3800 as the US dollar weakened amid the Federal Reserve's stable monetary policy. The USD index fell to around 106.16 as investors saw the Fed completing its interest rate hikes. Investors are now waiting for employment data from the US and Canada for further guidance.
On the chart, using Karina's Fibonacci retracement, the current downtrend is estimated to potentially extend to the 0.236 level (price level 1.364), which coincides with the vicinity of the 34 and 89 EMA (Exponential Moving Average) acting as support. Overall, in the long term, this currency pair still shows signs of a bullish trend. Perhaps the current price decline is serving as a corrective move.
What are your thoughts on USD/CAD?
