Chart of the Day -USDCAD- (December 7th, 2020)

The USDCAD over shot the 127% extension from last week’s confluence (See last week’s Chart of the Day Dec 2nd) But on Friday closed at the 161% extension of the last bounce in early November, daily RSI is oversold and trying to work off those conditions. A move back above the 1.2880 level could signal a move back to the 1.3000 level where the pair is likely to find some resistance.

If this is a Butterfly harmonic pattern the risk of a move back towards 1.3200 is possible above 1.3000.