USDCAD Rebounds to Test 1.405 Critical Resistance

FxNews—The USD/CAD pair bounced from 1.398, testing the 50% Fibonacci retracement level at approximately 1.405. The recent gain in the currency pair was anticipated since the Stochastic Oscillator was signaling oversold on Friday.

USDCAD Rebounds to Test 1.405 Critical Resistance
USDCAD Rebounds to Test 1.405 Critical Resistance

The immediate resistance rests at the 50% Fibonacci retracement level at 1.405. From a technical perspective, the uptrend will likely resume if prices exceed 1.405. The next bullish target in this scenario could be the 78.6% Fibonacci at 1.412.

Conversely, a dip below 1.398 invalidates the bull market. If this scenario unfolds, the USD/CAD prices could fall toward 1.392.

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