Key Resistance Levels: 1.2767, 1.2797, 1.2830
Key Support Levels: 1.2695, 1.2665, 1.2630
USD/CAD Price Long-Term: Bearish
The pair is in a clear downtrend on Daily time frame where we can see a double top formation around the 1.2860 level. We have a breakout of the daily support @ 1.2767 mark and the price posted a big engulfing bearish candlestick which signals that sellers are overwhelming the buyers.
On the 1-hour time frame, the price is trading within a descending channel. The price posted a correction count towards the top end of the channel pattern where there is the 61.8% Fibonacci retracement and might cause a reversal to the downside towards the 1.2630 level.
Sell Order @ 1.2728
TP 1 1.2630
TP 2 1.2665
Stop Loss 1.2767