The USDCAD pair is forming a very nice buy setup on the daily chart, after recently finding support at the confluence of a rising trendline and the 61.8% Fib level (February 27).
In March, the pair broke above a triangle pattern and completed a pullback to the upper triangle line.
The current price action is extremely interesting as a long confirmation, given that the pair formed a marginal higher high and retested the 61.8% Fib level in today's trade (the Fib tool with the semi-transparent background).
Today's candle is forming a strong pinbar candle, which suggests a strong rejection of prices below 1.3300.
Tomorrow's FOMC meeting will likely create some volatility in the pair, which is a short-term risk for buyers.
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In March, the pair broke above a triangle pattern and completed a pullback to the upper triangle line.
The current price action is extremely interesting as a long confirmation, given that the pair formed a marginal higher high and retested the 61.8% Fib level in today's trade (the Fib tool with the semi-transparent background).
Today's candle is forming a strong pinbar candle, which suggests a strong rejection of prices below 1.3300.
Tomorrow's FOMC meeting will likely create some volatility in the pair, which is a short-term risk for buyers.
Like our analysis? Please hit the "Like" button and join us on Telegram -> t.me/CommaFX
