CAD/CAD – USD/CAD consolidates at high levels, brewing correction risk

The USD/CAD pair has been holding steady in a high-level range recently, consistently capped by 1.4250, failing to extend its upward momentum further. Conversely, it has found support around 1.4170, with the upward trendline at 1.4150 also considered a key support level. Therefore, a break below this area should be watched for a potential correction. Based on Fibonacci retracement levels, the 23.6% and 38.2% Fibonacci retracement levels are at 1.4080 and 1.3980, respectively, while the 50% and 61.8% retracement levels are at 1.39 and 1.3810. Resistance is expected at 1.4250 to 1.43, with the next level at 1.4420 to 1.46.

Forecast range:
Resistance: 1.4250 – 1.4300 – 1.4420 – 1.4600
Support: 1.4150/70 – 1.4080 – 1.3980 – 1.3900 – 1.3810

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