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Technical analysis for the USD/CAD, the pair reached the first target of the daily pullback at 1.272 FIB extension and the 0.618 FIB retracement at 1.2660. If the USD/CAD pair breaks above 1.2660, it will open the door for a bullish run toward the 1.618 FIB extension at 1.2710. A break, above 1.2710, will send the USD/CAD higher toward, first the resistance at 1.2775, and second toward the 2.272 FIB extension at 1.2840.
The first support for the USD/CAD pair is a 1.2492, a break below that will open the door for a bearish run toward the weekly low at 1.2288. The low at 1.2288 is key support for the USD/CAD pair. If the pair break below 1.2288, it will signal a resumption of the bearish weekly and monthly trend and send the price lower toward the low at 1.2007. And if the USD/CAD pair breaks below 1.2007, it will open the door for a bearish run toward the 1.618 FIB extension at 1.1530.
Daily chart:
Weekly chart:
