• USDCAD reversed from resistance level 1.2880
• Likely to fall to support level 1.270
USDCAD currency pair just reversed down from the key resistance level 1.2880 (which has been reversing the pair from the end of January, as can be seen from the daily USDCAD chart below), intersecting with the upper daily Bollinger Band. The downward reversal from the resistance level 1.2880 created the daily Japanese candlesticks reversal pattern Shooting Star.
Given the strength of the resistance level 1.2880, bearish divergence on the daily Stochastic and the strongly bearish US dollar sentiment seen across the FX markets today, USDCAD currency pair can be expected to fall further toward the next support level 1.270.