Source: Trading View
Keep in mind, the broader outlook for USD/CAD is no longer constructive as it clears the February-
low (1.3068), with the break of trendline
support fostering a bearish outlook for the exchange rate.
At the same time, the rebound from the 2019-low (1.3016) appears to have stalled ahead of the Fibonacci overlap around 1.3410 (38.2% expansion) to 1.3420 (78.6% retracement), but recent developments in both price and the Relative Strength Index (RSI) warns of range-bound conditions as they break out of the bearish formation from earlier this year.
As a result, lack of momentum to hold above the Fibonacci overlap around 1.3280 (23.6% expansion) to 1.3330 (38.2% retracement) has spurred a move back towards 1.3220 (50% retracement), with the 1.3120 (61.8% retracement) to 1.3130 (61.8% retracement)
region on the radar as it lines up with the September-
low (1.3134).