USD/CAD: the beauty of price action. What's the next HTF target?

Nov 2, 2022

Taking a look at the 4h-timeframe chart, we may observe how the price has bounced off the 1.35040 area of support that has been identified on the graph. Afterwards, some consolidation moves kicked in that were followed by an impulsive push to the upside. Right after the impulsive leg got printed, the correctional phase kicked in and the price got driven all the way down to the 1.359 area of support that lines up with the 61.8% Fibonacci retracement level. Later, we may notice how bullish moves kicked in and are currently running the price to the upside. Considering both technical and fundamental sentiments, we are pretty confident in the fact that the price will keep rising and reach the key area of resistance that is plotted on the graphic.