USD/CAD failed to break below 1.2803 support and rebounded from 1.2814. A breakout of 1.2948 resistance would confirm that the downside movement from 1.3124 had completed at 1.2814 already, then next target would be at 1.3000, followed by 1.3124. On the downside, as long as 1.2948 resistance holds, the sideways movement in a trading range between 1.2814 and 1.2948 would possibly be consolidation for the downtrend from 1.3124, and a breakdown below 1.2303 support could take price to next support level at 1.2650.

USDCAD 4-hour chart

Print Friendly, PDF & Email