US Dollar went up rather significantly against Canadian Dollar last week, slicing through 38.2 Fibonacci level. However, the pair pulled back after reaching the resistance around 50.0 Fibonacci level.
When we look at the daily chart, the same movement can be visualized as a shooting star by the close of Friday.
Trading preference
Next week the pair could initially fall towards 38.2 Fibo level around 1.2720 and around there if a supportive candle on daily chart or a bullish candle on the H4 chart could be a good opportunity to buy the pair. Even without such a retrachment towards 38.2 Fibo, if the pair can go up above the weekly candle, it could be on its way towards 1.30 level.
Informative Analysis