The Canadian dollar is consolidating its sixth session at a correction level of 23.6% of the movement from November 20 to December 31. Today in the Asian session, the signal line of the Marlin oscillator crossed the boundary of the growth territory, which indicates the possible completion of the observed consolidation. The immediate growth target is the Fibonacci level of 50.0% at the price of 1.3138. It opens the second target for the Fibonacci level of 61.8% at the price of 1.3183, then 1.3237 at the correction level of 76.4%, which coincides with the low on June 10, 2019.
On the H4 chart, the price is struggling with the resistance of the balance indicator line and the signal line of the Marlin oscillator at this very moment is trying to overcome the boundary with the growth territory. We believe that this struggle will be on the side of a positive trend and we will see the price at the target level 1.3237 in the future for several days.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Forecast for USD/CAD on 1/20/2020