USDCAD Retracement 4H Chart? 09.05.2023

2023년 5월 9일After the Labor Data for both the US and Canada, the CAD appreciated greatly causing the pair to move rapidly downwards.

This shock lasted for long and was not intraday. The pair found a good support eventually showing signs of a retracement.

Breaking the resistance levels near 1.33865 will probably push it to the next resistance and 61.8% retracement level as indicated by the arrow.

Tomorrow, 10th May, the CPI data for the US are going to be released and if the retracement is not completed until then, distortion will take place affecting this analysis.

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