FX.co ★ Technical analysis on USD/CAD for March 22, 2017

USD/CAD has most probably made an important high at 1.3123 and ended the entire move from the 1.2245 lows. Price has broken out of the bullish channel and below the Ichimoku cloud support. Short-term trend is bearish and medium-term trend is changing to bearish as well.

The second leg up in USD/CAD has reached its target, so it will be equal size with the first leg up in 2017. Price has now broken below the tankan-sen and is heading towards the kijun-sen support at 1.2775. The USD/CAD pair could bounce but that would be a selling opportunity.

Blue lines - bullish channel

Price has broken below both the cloud support and the bullish channel. Resistance is now at 1.2940 and at 1.2975. Any bounce towards those two levels will be selling opportunities. I believe USD/CAD has made an important high. Confirmation of this bearish view will come once we break below the March lows.