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Overview:
Since bulls pushed the price further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looks quite overbought.
The market failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a double-top pattern that calls for confirmation (a daily closure below 1.2350).
Recently, successive lower highs were established within the depicted consolidation zone, enhancing the bearish side of the market.
Moreover, support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were finally broken after providing significant support for several weeks on the daily and weekly charts.
A daily fixation below 1.2300 clears the way for the USD/CAD pair towards the zone between 1.2050-1.2000 (where the projection target of the recent range breakout is located) and 1.1800 where the depicted weekly uptrend is roughly located.
The price zone at 1.2320-1.2350 remains a significant Intraday resistance zone. This is exactly where price actions should be watched for a low-risk sell entry at retesting.
Trading recommendations:
Conservative traders should be waiting for either a bullish pullback towards 1.2320-1.2350 or a bearish breakout below 1.2100 for a valid sell entry.
T/P levels should be placed at 1.2220, 1.2150 and 1.2050, respectively. On the other hand, daily closure above 1.2370 invalidates this scenario.
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