USDCAD Daily Analysis – February 26, 2018

USDCAD pulled back from 1.2757 after breaking above 1.2688 resistance, suggesting that lengthier consolidation for the uptrend from 1.2247 is needed. Deeper decline would likely be seen in a couple of days and the target would be at 1.2500 area. The key support is at 1.2450, as long as this level holds, the uptrend could be expected to resume and another rise towards 1.2800 is still possible after the consolidation. Only a breakdown below 1.2450 support could signal completion of the uptrend.

USDCAD 4-hour chart