Since April 2016, the USD/CAD pair has been trending upward within the depicted ascending channel.
In December 2016, a bullish breakout above 1.3300 (50% Fibonacci level) was expected to allow a further advance toward 1.3700-1.3750 (the upper limit of the depicted channel).
However, significant bearish rejection was expressed around 1.3580 (recently established top).
During the bearish pullback, the price level of 1.3300 (50% Fibonacci Level) failed to provide enough support to the pair.
This allowed further bearish movement toward the price level of 1.2970 (61.8% Fibonacci level) where a valid BUY entry was offered in February 2017.
Esta semana, la ruptura alcista actual sobre 1.3300 (nivel 50% Fibonacci) realzó más avance hacia 1.3440 y 1.3530.
El próximo objetivo alcista se localizaría alrededor de 1.3800 (límite superior del canal representado) si el par se mantiene al alza operando sobre 1.3300 (nivel 50% Fibonacci) el cual permanece como nivel de soporte prominente.
Por otro lado, si el par USD/CAD se mueve debajo de 1.3300, estaría atrapado de nuevo dentro del rango de consolidación representado (1.3300-1.2970).