Being in the zone below the important long-term resistance levels 1.2450, 1.2985, 1.2690, USD / CAD remains inclined to further decline amid strong fundamental factors, in fact, being in the bear market zone. A breakdown of the support level of 1.2079 will be a signal for the resumption of short positions (see also "Fundamental Analysis and Recommendations")
In an alternative scenario, a confirmation signal about the beginning of a reversal and breaking of the bearish trend will be a breakdown of the resistance level 1.2160 (Fibonacci level 50% downward correction in the wave of USD / CAD growth from 0.9700 to 1.4600) and short-term resistance level 1.2193 with the prospect of growth towards resistance levels 1.2450, 1.2690.
Support levels: 1.2100, 1.2015
Resistance levels: 1.2160, 1.2193, 1.2260, 1.2450, 1.2560, 1.2690, 1.2740, 1.2985
Trading recommendations
Sell Stop 1.2090. Stop-Loss 1.2150. Take-Profit 1.2000, 1.1900
Buy Stop 1.2150. Stop-Loss 1.2090. Take-Profit 1.2160, 1.2193, 1.2260, 1.2450, 1.2560, 1.2690, 1.2740, 1.2985
*) USD/CAD: Current Fundamental Analysis and Market Expectations
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