FX.co ★ USD/CAD analysis for December 20, 2018

Recently, the USD/CAD pair has been trading downwards. The price tested the level of 1.3446. Anyway, according to the M30 time – frame, I have found that price rejected from the lower Keltner band (support, 2.5 standard deviations), which is a sign that USD/CAD went to the oversold zone. I also found that price stopped exactly at Fibonacci expansion 161.8% at the level of 1.3446, which is another sign that USD/CAD went into the intraday oversold zone. My advice is to watch for buying opportunities. The upward target is set at the price of 1.3500.