USD/CAD Fibonacci Retracements Analysis - TP 1.3830+
I have used Fibonacci retracement in this chart to identify the possible further moves of USD/CAD. It's an uptrend. In the beginning, there is a descending triangle. There is a descending triangle at the beginning of the Fibonacci retracement (78.60 percent around). And the next construction of the trend before the brokedown is a parallel trendline.
After the breakdown, the trend created strong support and slowly started to climb and reached the retracement level of 1.3389. It will rise to the TP1 (1.3630). which will react like the resistance. After that, the next target will be TP2 (1.3830), which is the 50 percent retracement level of the Fibonacci retracement. It has started to rise from a low point, and it will hit a level parallel to a higher point.
After the breakdown, the trend created strong support and slowly started to climb and reached the retracement level of 1.3389. It will rise to the TP1 (1.3630). which will react like the resistance. After that, the next target will be TP2 (1.3830), which is the 50 percent retracement level of the Fibonacci retracement. It has started to rise from a low point, and it will hit a level parallel to a higher point.