The pullback from 1.2800 has given way to a sharp break lower, with 
USDCAD now pressuring critical support at the 1.2625/30 weekly lows from 6-14 January.
Intraday studies are oversold, highlighting scope for short-term consolidation around here, but daily readings have ticked down, pointing to further losses in the coming sessions. A close beneath here will turn sentiment outright Negative, and extend broad March 2020 losses towards the 1.2527 low of April 2018.
Meanwhile, resistance is at 1.2700.
An unexpected close above here would delay downside development and put prices into cautious consolidation, capped by 1.2800.
USDCAD now pressuring critical support at the 1.2625/30 weekly lows from 6-14 January.Intraday studies are oversold, highlighting scope for short-term consolidation around here, but daily readings have ticked down, pointing to further losses in the coming sessions. A close beneath here will turn sentiment outright Negative, and extend broad March 2020 losses towards the 1.2527 low of April 2018.
Meanwhile, resistance is at 1.2700.
An unexpected close above here would delay downside development and put prices into cautious consolidation, capped by 1.2800.
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We are an award winning independent research firm, covering Macroeconomics, Policy and Financial Markets. Our Technical Analysis coverage spans 40 FX pairs across developed and emerging markets. Register for a free trial at continuumeconomics.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.