Oil prices remained lower and while USD weakened against other currency pairs, it remained strong vs CAD. The thing is that today Core Durable Goods orders declined and the data release came lower than expected which could spark another fundamental momentum in the pair. Technically the pair remains subdued below strong resistance 1.2550 and while the pair is below we can expect sell into rallies mode. 1.2465 comes as interim support while 1.2434 is intraday support. Break below 1.2434 targets L5 1.2380.
On the same side we have a descending running triangle with strong confluence at H4, 38.2 and Descending trend line so further selling might be expected. MACD is still below 0 line which indicates bearish trend. Important to say is that the pair needs to close below L3 -1.2465. If it fails there will be another ranging day 1.2465-1.2530.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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