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The USD / CAD pair is trading below the key psychological level of 1.2500 and has fallen to new three-year lows, now in the American session it is trading very close to Murray's -2/8, located at 1.2451.
The USD / CAD has strengthened due to the upward streak in the prices of Crude Oil and this has favored the Canadian dollar, a currency linked to the prices of raw materials and has exerted some downward pressure as shown in the graph of the pair USD / CAD.
On the technical level we note that the USD / CAD is under strong downward pressure, however the eagle indicator is in the oversold zone and an imminent technical rebound is likely if it reaches the 1.2451 area, there it is located -2/8 Murray, extreme overselling level according to Murray.
For now, we must wait for a consolidation in the 1.2451 area, as that will confirm if the USD / CAD pair is exhausting its bearish strength and then we can buy at those levels with targets at 1.2572, level of the SMA 21.
Support And Resistance Levels For February 25 - 26, 2021
Resistance (1) 1.2500
Resistance (2) 1.2557
Resistance (3) 1.2614
Support (1) 1.2444
Support (2) 1.2404
Support (3) 1.2384
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Trading tip for EUR/USD for February 25 - 26, 2021
Buy above or rebound at 1.2451 (-2/8 of murray) with take profit at 1.2570 (SMA 21), stop loss below 1.2415.
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