USDCAD
has been consolidating inside a Trend-line and Channel-line for a few days. And at the moment, price has finally reached the third potential test on the Channel-line (28 Aug - 1.2899), corresponding to several previous tests on this Support Area.
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At the second test on the Channel-line, it is evident that the 50.0% Fibonacci Retracement level (1.2957) held the price.
We then expect the current price to increase (depending on the reaction of this third test) and hit the 50.0% line. And from there, retraces for just a few and continue on its advancement to the trend-line.
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If not, we have a few supports below the current price holding our back. :)
- John Wood.