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In daily chart, the price is stuck below the strong resistance: 50.0% Fibonacci retracement level of 1.29270 of the downleg from 1.3800 to 1.2060, which is acting as a major resistance barrier and holds near the 20 - day SMA (green line).
In case of further negative pressures, A successful close below 1.2800 support (red line) near the 40 – day SMA (yellow line) could push the price towards the 38.2% Fibonacci mark of 1.2727. A drop below the red line could open the door for the 1.2470 support, slightly below the 23.6% Fibonacci.
Having a look at the momentum indicators in the daily timeframe, the RSI indicator is flattening near the level 50, confirming the narrow range on price. I think USDCAD could moved to sideways in channel: 1.2800 – 1.2927
In another case, the pair could continued to move in the main upward movement. A jump above 1.2927 would shift the focus to the upside again and re-challenge the 1.3120 strong resistance barrier.
In case of further negative pressures, A successful close below 1.2800 support (red line) near the 40 – day SMA (yellow line) could push the price towards the 38.2% Fibonacci mark of 1.2727. A drop below the red line could open the door for the 1.2470 support, slightly below the 23.6% Fibonacci.
Having a look at the momentum indicators in the daily timeframe, the RSI indicator is flattening near the level 50, confirming the narrow range on price. I think USDCAD could moved to sideways in channel: 1.2800 – 1.2927
In another case, the pair could continued to move in the main upward movement. A jump above 1.2927 would shift the focus to the upside again and re-challenge the 1.3120 strong resistance barrier.
