Following softer Canadian CPI data, the Bank of Canada held interest rates steady at 2.75%, sending USDCAD toward the 1.3820 support level — an area that aligns with the November 2024 lows and a key resistance zone extending back to the highs of September 2022.
The 1.3820 low aligns with the 0.272 Fibonacci retracement of the uptrend from May 2021 to January 2025. This support also coincides with RSI levels not seen since 2021.
A sustained hold and reversal from this zone may push the pair toward 1.4040, 1.4150, 1.4350, and eventually 1.4500. On the downside, a firm break below 1.3820 could open losses toward 1.3670, 1.3570,1.3430, and 1,3270.
Written by Razan Hilal, CMT
The 1.3820 low aligns with the 0.272 Fibonacci retracement of the uptrend from May 2021 to January 2025. This support also coincides with RSI levels not seen since 2021.
A sustained hold and reversal from this zone may push the pair toward 1.4040, 1.4150, 1.4350, and eventually 1.4500. On the downside, a firm break below 1.3820 could open losses toward 1.3670, 1.3570,1.3430, and 1,3270.
Written by Razan Hilal, CMT
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