Bullish outlook on USDCAD: 29th December 2022

29 בדצמ׳ 2022

On the M30 time frame, a throwback to the support zone at 1.35750, in line with the 23.6% Fibonacci retracement level could see a bounce to the resistance target at 1.36350. Failure to hold above the support zone at 1.35750 could see further downside to the next support zone at 1.35380. Prices are approaching the lower bound of the Bollinger Bands while Stochastic RSI is indicating oversold conditions, supporting our bullish bias.