FX.co ★ USD/CAD

Hello traders, I predict a 200-point increase in USD/CAD, but not from the current position. According to my forecast, the rise will be possible if the price tests the two hundred moving average. In that case, the price may bounce off it and move up. I was expecting a move above the 38.2% Fibonacci retracement resistance to reach 50% at 1.4170. It didn't happen quickly. Difficulties arose right near the level. USD/CAD didn't want to go up. What did we get next? The price started to pull back, and I noticed that the 200-period moving average is slightly below, positioned favorably. It's worth testing the moving average; it might provide an opportunity for a reversal. Of course, it's uncertain whether the reversal will materialize, but I still believe that buyers will bring the pair back into an uptrend, and we will achieve the 50% Fibonacci retracement next week.