FX.co ★ Technical analysis and trading recommendations for the USD / CAD currency pair as of February 7, 2018

The USD/CAD currency pair soared more than 300 points, approached the periodic level of 1.2580, where it slowed down and went into a long-awaited correction. Now, we see how the "bears" are gradually building up short positions and rolls back by about 50 points. It is possible to assume that the "bears" will try to continue the formation of the correction, but on their way, the first point of the temporary support will be at 1.2490, where there is a slight slowdown, has risen. In case the quotation fixes below the level of 1.2480, it will quickly come down to 1.2445 / 1.2415, where another "bull" return to the market is possible.

Key Levels

Resistance - 1,2580 *; 1.2660

Support - 1,2400; 1.2250

* Periodic level