USDCAD Chart Technical Outlook offers an immediate upside bias, with resistance located at 1.3324
I have an upside bias in the US Dollar going into the Fed meeting this evening. I also have a negative bias toward oil. The oil – Canadian Dollar correlation results in a negative bias for CAD (bullish USD/CAD)
From a technical perspective, we are moving higher within a bullish channel formation. With the trend of higher highs being located at the 61.8% pullback level of 1.3274, I would look to this level as the first upside barrier. My focus is on 1.3324. This is bespoke resistance and the 78.6% Fibonacci retracement level.
Although it is far too early to tell, we could produce a bearish Gartley formation (at 1.3324).
Conclusion: using correlation, the immediate bias is bullish. It should be noted that the system trade setup would be selling the completion of the cypher pattern at 1.3324.
