The price of USD/CAD has corrected back to test the 50% mean reversion mark and is decelerating. This leaves prospects of a bullish continuation on the cards for the sessions ahead.
The bulls would target the 1.2720s as being a -0.272% bullish Fibo extension target that aligns with the prior resistance structure as per the daily chart below:
The W-formation is a reversion pattern and the price, after filling the wick of yesterday's business with some change, would be expected to revert back to test the neckline of the 'W' pattern. This would align with a 61.8% golden ratio as well near to 1.2560.
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