Continuum_Economics

Chart USD/CAD Update: Sharp reversal to critical support at 1.26

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
The pullback from 1.2800 has given way to a sharp break lower, with FX:USDCAD now pressuring critical support at the 1.2625/30 weekly lows from 6-14 January.
Intraday studies are oversold, highlighting scope for short-term consolidation around here, but daily readings have ticked down, pointing to further losses in the coming sessions. A close beneath here will turn sentiment outright Negative, and extend broad March 2020 losses towards the 1.2527 low of April 2018.
Meanwhile, resistance is at 1.2700.
An unexpected close above here would delay downside development and put prices into cautious consolidation, capped by 1.2800.
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