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USD/CAD Technical Outlook Hinges on Reaction at Nearby Support

USD/CAD Technical Outlook Hinges on Reaction at Nearby Support

Paul Robinson, Strategist

USD/CAD Technical Highlights:

  • USD/CAD testing support around the 12600-line
  • A hold may only delay a breakdown

USD/CAD is trying to come off support this morning around the 12600-line, but even if it holds for now it might only be a short while before it breaks. The trend generally remains quite weak, and until we see a sustained drive higher the outlook is to remain bearish. A firm break below 12588 will have an underside trend-line in focus, however, it is not viewed as major support given it runs in the direction of the trend. Longer-term levels to keep an eye ion from 2017/18: 12527, 12247, and 12061.

USD/CAD Daily Chart (12600-line may soon break)

USD/CAD daily chart

USD/CAD Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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