• USDCAD reversed from resistance level 1.2730
• Likely to reach support level 1.2500
USDCAD currency pair recently reversed down once again from the key, multi-day resistance level 1.2730 (which has been reversing the price from the middle of February, as can be seen from the daily USDCAD chart below) standing near the upper daily Bollinger Band. The downward reversal from this resistance level is aligned with the predominant downtrend that can be seen on the daily and the weekly USDCAD charts.
Given the strengthening Canadian dollar bullish sentiment seen accross the FX markets today – USDCAD currency pair is likely to fall further toward the next support level 1.2575 – the breakout of which can lead to further losses toward the next support level 1.2500 (intersecting with the daily down channel from December).