USD/CAD stalls at the 61.8% pullback level, and offers support at 1.3530
The USD/CAD has posted 7 days of net gains in the last 8. On Tuesday the 18th of April we posted very mild net losses, a Doji-style candle. We are taught to trade with the trend, and this trend is clearly bullish.
We have stalled at the 61.8% pullback level of 1.3648. Looking at the four-hour chart this could be the completion of a bullish 5-wave count.
We are seeing risk-off sentiment in the market with traders buying the safe haven USD and selling oil. This is based on concerns about the ongoing banking crisis.
With these facts in mind, it would be wise to buy on dips. Support is located at 1.3532.
