Usd/Cad Where To Go From Here?

The Canadian dollar appears to have found resistance on the daily chart, the good news is that it has also found new levels of support. After the pair ran 600 pips it took a slight breather, finding support at the 1.0400 level, which also ties up with the 38.2 percent Fibonacci retracement level, before trying for another break of 1.0800. After a failure of that break the pair then retested support and found it at 1.0550, which is the 23.6 percent Fibonacci retracement. The pair has also been using its 20 day SMA as support. The daily RSI has been channeling along the 60 line while volume has slightly decreased.

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