Upside risks dominated the US Dollar against the Canadian Dollar on Wednesday. The currency pair ended the previous session with a 100 base points gained.
Today’s session begins with a bullish momentum and by the middle of the European trading session, the exchange rate has tested the 50.00% Fibonacci retracement level at 1.3057.
Given that the USD/CAD currency pair has breached the 50.00% Fibo, the next targets for the rate will be the 38.20% Fibo retracement level at 1.3097.
However, it is expected that the currency exchange rate makes a brief pullback towards the 61.80% retracement level at 1.3016 during the following trading session.
