USDCAD Chart Technical Outlook retreats from a resistance zone, bears target 1.3320
USD/CAD broad bias is bearish. Prices have corrected higher recently toward the resistance zone of 50% and 61.8% Fibo levels, which held steady.
The recent strong labor data and stubborn inflation from the US didn’t help bulls overcome the resistance zones in the USD index and the Treasury yields. Markets hope for dovish clues to trend lower.
I expect a bullish cycle in Oil in the mid-term. This should help CAD to advance. The recent data from Canada is CAD-supportive, unemployment rate, and PMI.
I expect a downside price action. A risk appetite sentiment would help bears push prices lower.
Resistances: 1.3440, 1.3500
Supports: 1.3320, 1.3200
