USD/CAD | Sep 30, 2019
CAD has shown strength against USD in last few days whereas all other major currencies have weakened against it.
On H4 time-frame:
I had discussed about this channel in previous USD/CAD analysis, had opened buy position; it had gone up but had not hit TP and it had come back and closed at Break Even point. 1.3339 was not broken and now the bullish channel has already been invalidated.
We need trend change confirmation on daily/D1 time-frame. Then we can target Fib.68.1 at least for a quick trade with invalidation point above today's high. We can target FIB78.6 as 2nd target.
FIB61.8 coincides with round no. 1.3200 and it is also support1 of weekly pivot . FIB78.6 is slightly above support2 of weekly pivot.
I am keeping targets small because USD/CAD has tendency to trade in short range for long time unless there is fundamental driving force.