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Forex

USD/CAD Rallies on Strong US Dollar Amid Crude Oil Price Decline

Guavy AI Editorial Team
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USD CAD
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The USD/CAD is experiencing a strong recovery as crude oil prices pull back and the US Dollar strengthens after the Federal Reserve raised interest rates.

This rally could extend further, with the 61.8% Fibonacci resistance level at 1.4052 and 1.4127 providing significant resistance zones where the upside may slow down.

From an Elliott Wave perspective, a bearish structure is typically characterized by a five-wave decline, labeled waves 1, 2, 3, 4, and 5, with waves 1, 3, and 5 moving in the direction of the larger trend.

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