The announcement of new Trump tariffs targeting Canada caused the USD/CAD pair to surge by 200 pips in a single day. From a technical standpoint, a Golden Cross has emerged—a strong buy signal. This classic pattern occurs when a short-term moving average crosses above a longer-term moving average, signaling that buyers are in control.
A short-term pullback was anticipated, and it is now materializing. The price attempted to test the critical 61.8% Fibonacci retracement level but rebounded upward. Traders looking to capitalize on the robust uptrend could aim for a better risk-to-reward ratio by waiting for a dip below 1.4050. This level aligns with the 50% Fibonacci retracement, offering a potentially lower entry point to position for further gains.
This scenario highlights the interplay of market sentiment and technical signals, emphasizing the importance of strategic timing for optimal trade setups.
A short-term pullback was anticipated, and it is now materializing. The price attempted to test the critical 61.8% Fibonacci retracement level but rebounded upward. Traders looking to capitalize on the robust uptrend could aim for a better risk-to-reward ratio by waiting for a dip below 1.4050. This level aligns with the 50% Fibonacci retracement, offering a potentially lower entry point to position for further gains.
This scenario highlights the interplay of market sentiment and technical signals, emphasizing the importance of strategic timing for optimal trade setups.
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