USD/CAD: Trade ideas for August 27
The USDCAD continues to find support on the 200 EMA on the H1 chart. Now, this pair is trying to form a bearish pattern. Not far is a 500 EMA, near to the support level of 1.0912.
If the USDCAD manages to make a breakout at the support level of 1.0934, the next target would be the level of 1. 0912, where is located the Fibo 100.0 extension level.
On the other hand, it is likely that the USDCAD perform a retracement up to the 50.0 Fibo level (1.0968). There, the USDCAD could perform a pullback and fall back to the support level of 1.0940. The RSI indicator remains in negative territory.