On the compressed Canadian dollar chart of the daily timeframe, it is noticeable that the price has turned upward from the lower boundary of the green price channel. The previous price reversal from the lower boundary of the channel led to a subsequent increase in prices by 285 points. This time we are counting on more significant growth as a way out of the six-month range.
The target zone of expected growth is the range of Fibonacci levels of 123.6-138.2%. It is in this range that the embedded line of the price channel runs, the price of the range is determined by the levels of 1.3466 (March 3 high) and 1.3521 (April 24 high) - they exactly coincide with the indicated Fibonacci levels.
Overcoming the target range will allow the price to rise even higher, to the area of coincidence of the overlying line of the price channel with the Fibonacci level of 161.8% at the price of 1.3610. The dollar may reach this mark in March 2020.
