FX.co ★ Technical analysis and trading recommendations for the USDCAD currency pair as of January 24, 2018

The USD/CAD currency pair, as expected, reached the lower limit of the flat trend 1.2400 (1.2400 / 1.2500). As of this writing, we can see how the price hovers around that level but continued to show a "bearish" interest. Probably, it can be assumed that we will witness a temporary stagnation within the regions 1.2385 / 1.2415, where the "bulls" will try to work out the level, directing towards the value of 1.2500.

At the same time, traders should not lose sight of short positions, during the decline of sideways channel and resumed the downward movement, fixing below 1.2350.

Key Levels

Resistance - 1.2500 *; 1.2580 *; 1.2660

Support - 1.2400; 1.2340 *; 1.2200

* Periodic level

* The presented market analysis is informative and does not constitute a guide to the transaction.