USD/CAD has formed a shooting star near daily channel resistance of 1.3580. It is also evolving within a double top with neckline at 1.3390/1.3370. With daily stochastic giving a negative crossover from a multi month resistance, a break below 1.3390/1.3370 will lead to a retracement towards recent lows and graphical level at 1.3260
After testing multiyear channel limit (currently 1.28), USD/CAD has been showing a laborious recovery. Short term, the pair has tested a projection and steeper daily channel near 1.3580. This should cap upside. Short term, a pullback is likely towards recent lows of 1.3260. Only a break above 1.3580 will mean further rebound.
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Today’s levels:
3rd resistance: 1.27
2nd resistance: 1.3650
1st resistance: 1.3580
1st support: 1.3390/70
2nd support: 1.3320
3rd support: 1.3260
