Forex Market Analysis

Downside target for USD/CAD – FBS

Forex Market Analysis: USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips. The pair closed below the April-May support line and the 50% Fibo retracement of the 2019-2020 advance. As you may see on the chart, the price broke out of the consolidation range within which it had spent a couple of months.

The next Fibonacci level is at 1.3605. Before that, the pair can have support of the 100-day MA (1.3705). On the H1, USD/CAD formed a triangle – a bearish continuation pattern.

Trade idea for USD/CAD

SELL 1.3750; TP1 1.3705; SL 1.3770

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