FX.co ★ Daily analysis of USD/CAD for February 29, 2016

Overview

The attached H4 chart demonstrates that the USD/CAD pair continues fluctuating near 61.8% Fibonacci correction level that represents an important support at 1.3536, underpinning chances for resuming the bearish bias in the upcoming period within the bearish channel that appears on the attached chart. Therefore, we still prefer the bearish trend on the intraday and short-term bases. Our next target is at 1.3264, given that the continuation of the expected bearish trend depends on the stability below 1.3976.

The expected trading range for today is between 1.3400 support and 1.3600 resistance.