Technical Analysis – USDCAD still consolidating in upward sloping channel
Posted on April 4, 2018 at 12:32 pm GMTUSDCAD has been consolidating since September 2017 and has been stuck in a channel titled slightly to the upside. The neutral to bullish picture in the short term looks to last for a while longer after prices failed to break above the upper channel in mid-March for a more clear tendency. Resistance was met at around 1.2940 region, which holds near the 50.0% Fibonacci retracement level of the downleg from 1.3800 to 1.2060, forcing the pair to reverse lower. The negative bias in [..]