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It has been a long time since I turned my attention to a rather interesting USD/CAD currency pair. In today's article, we will pay more attention to this trading instrument, where the main focus will be on technical analysis. Taking advantage of the fact that the next trading week was closed last Friday (relatively recently), today's debriefing of the pair of North American dollars will begin with the corresponding timeframe.
Weekly
Trading on February 8-12, the USD/CAD currency pair ended with a decline and closed the session of the last five-day trading session at 1.2688. One of the important and significant levels for this instrument is 1.2700, and the fact that last week closed under this level indicates that the pair is trading under the patronage of bears. The fact that the trading of the current five-day period opened with a small price gap down once again confirms this assumption. As already mentioned in the last review of the "Canadian", in order for the situation and the technical picture for the pair to change in favor of the players to increase the rate, it is necessary to break the red line of the Tenkan indicator Ichimoku, and with it the brown resistance line of the descending channel with the mandatory fixing above. Only if these conditions are met, it will be possible to assume that serious buyers have come to the market for USD/CAD and the pair rate is inclined to further growth.
At the time of writing this article, the sentiment for the pair is clearly bearish, and in this light, the sellers are aiming at the support level of 1.2588, the breakdown of which will further strengthen the position of the players to lower the rate. There were attempts to turn up, however, the first bullish candle with a long upper shadow indicated that the USD/CAD bulls are not strong enough for a reversal at the moment.
Daily
This is indicated by the Friday candle for February 12, which has an impressive upper shadow. It is clearly seen that the growth attempts were not just limited, but completely stopped and turned the course in the south direction of the Kijun and Tenkan lines of the Ichimoku indicator, as well as the 50 simple moving average. If we base our forecasts on strong and significant price levels for this pair, then, in my personal opinion, while USD/CAD is trading below 1.3000 and 1.3060, the growth of the instrument should be considered as a correction to the previous decline and prepare to open short positions at more favorable prices. I suggest selling the pair after the rises in the price area of 1.2720-1.2750 and the appearance of bearish candlestick analysis patterns. I can recommend earlier and aggressive sales to those who want to take a risk after the pair rise to the price zone of 1.2670-1.2700. At the moment, purchases are corrective in nature, and therefore riskier. I believe that it is better to skip them and open positions on the current downward trend.
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