USD/CAD is bouncing downward and turning back direction to the 1.2370 (17/01/2018 low) support point. Hourly resistance is given at 1.2520 (17/01/2018 high) while further resistance given at 1.2589 (01/01/2018) is momentarily out of reach. The technical structure indicates that additional weakness is achievable.
In the longer term, the pair has broken longterm support that can be found at 1.2461 (16/03/2015 low). New support point is identified at 1.2101 (17/04/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head lower. The pairs is trading below 200 DMA.
 support point. Hourly resistance is given at 1.2520 (17/01/2018 high) while further resistance given at 1.2589 (01/01/2018) is momentarily out of reach. The technical structure indicates that additional weakness is achievable.){kind=link}