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At the beginning of today's European session, the USD / CAD pair is traded near the mark of 1.2670, still maintaining a tendency to further decline, including amid strong fundamental factors.
The pair remains within the descending channels on the daily and weekly charts, below the important long-term resistance levels of 1.3100 (ЕМА200 on the weekly chart), 1.3180 (ЕМА200 on the daily chart), 1.3450 (23.6% Fibonacci level of the downward correction in the wave of USD / CAD growth with level 0.9700 to level 1.4600), as well as below the important short-term resistance levels 1.2816 (ЕМА200 on the 4-hour chart), 1.2729 (ЕМА200 on the 1-hour chart).
Staying below the key resistance levels 1.3180, 1.3100, in fact, USD / CAD is in the bear market zone.
The breakdown of the support level 1.2740 (Fibonacci level 38.2%) signals a tendency to further decline towards the support level 1.2450 (ЕМА200 on the monthly chart). Its breakout will finally return USD / CAD into a multi-year bearish trend. So far, everything is in favor of short positions and further decline.
In an alternative scenario, a buy signal will be a breakdown of the resistance level 1.2729 with the prospect of growth towards resistance level 1.2816. Below the resistance levels 1.2729, 1.2740, 1.2816 and the key resistance level 1.3100, short positions are still preferred. And only a breakdown of the resistance level 1.3450 (Fibonacci level 23.6%) will indicate the restoration of the bullish trend in USD / CAD.
Support levels: 1.2600, 1.2450
Resistance levels: 1.2729, 1.2740, 1.2816, 1.3000, 1.3100, 1.3180, 1.3300, 1.3450
Trading scenarios
Sell by market. Stop-Loss 1.2720. Take-Profit 1.2600, 1.2500, 1.2450
Buy Stop 1.2750. Stop-Loss 1.2690. Take-Profit 1.2800, 1.2816, 1.3000, 1.3100, 1.3180, 1.3300, 1.3450
