The USD/CAD approached again the support level of 1.2660, leaving behind a large tail caused by a news background about the market. Currently, the quotation tries to lock below the level and holds the "bearish" interest. In the current situation, there are two possible plots, the level of 1.2660 refers to a number of strong and full-fledged correction has not yet been made and the "bears" are still overheated. Hence, it is possible to talk about the expected stagnation (20-25 p), after which will form a correction. The second variation shows that the current pressure will deceive the sellers, thereby piercing the level. Traders should watch the current development and, perhaps, place pending orders taking into account these variations.
Key Levels
Resistance - 1.2830 *; 1.2900.
Support - 1.2660; 1.2570.
Signals
- Buying the pair is recommended to consider above the values of 1.2680, with the prospect to move at 1.2725 / 1.2750.
- Selling the pair is recommended to be made at a price below 1.2620, with the prospect to move at 1.2575 / 1.2450.
Attention: Predictions are not a direct action to action!
* The presented market analysis is informative and does not constitute a guide to the transaction.