USDCAD SHORTS AT THE WEEKLY PIVOT

4 March 2021 | Updated: 4 March 2021

Key Resistance: 1.2680
Key Support: 1.2600 – 1.2500

Long Term View
The USDCAD has been in a very strong down move for the past few months and now it the upside has been capped by the 1.2740 which has been the weekly high of the past 3 weeks.

1H Chart Analysis
This week the USDCAD rejected again the 1.2740 and dipped 155 pips to retest the weekly lows at around the 1.2590.

It has now pulled back 50% of that move to the weekly pivot and a previous zone of support turned resistance giving us a high probability trend continuation setup.

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