USDCAD – fresh bullish acceleration signals full retracement of 1.2916/1.2665 correction
The pair advances further on Wednesday and breaks above pivotal barriers at 1.2820 (Fibo 61.8% of 1.2916/1.2665) and 1.2836 (21 Nov former recovery peak).
Break here to confirm higher base at 1.2665/70 for full retracement of 1.2916/1.2665 correction, with lift above 1.2916 to open psychological 1.3000 barrier and signal further retracement of larger 1.3793/1.2061 descend. Next target lies at 1.3131 and marks Fibo 61.8% retracement.
Daily techs are in full bullish setup and support further advance, with weekly cloud twisting at 1.3280 next month and expected to attract bulls.
Bullish cross of 10/20SMA which formed yesterday, further underpins the action, with rising 10SMA marking solid support at 1.2767.
No data from Canada are scheduled today and traders will focus a number of releases from the US for fresh signals.
Res: 1.2857; 1.2916; 1.3000; 1.3071
Sup: 1.2807; 1.2767; 1.2751; 1.2713