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Overview:
The USD/CAD pair has been trending upwards within the bullish channel depicted on the WEEKLY chart.
The market looked overbought since bulls have pushed further above the upper limit of both depicted bullish channels as well as the 79.6% Fibonacci level. That is why a bearish correction that started off 1.2750 was anticipated in the previous articles.
The nearest SUPPORT level to meet the USD/CAD pair is located around 1.2300 (79.6% Fibonacci level).
Note that the USD/CAD bulls have been defending the recent INTRADAY SUPPORT around 1.2300 (broken 79.6% Fibonacci Level).
The market has not retested the newly-established DAILY SUPPORT around 1.2000 yet.
Note that successive lower highs are being established within the wedge-pattern depicted on the DAILY chart.
DAILY closure below the price level of 1.2300 exposes the next DAILY SUPPORT around 1.2000 where the backside of the upper limit of the breached channel is located.
On the other hand, the bullish persistence above 1.2300 (79.6% Fibonacci level) enhances further bullish advancement towards 1.2760-1.2780 without further retesting of 1.2000 (low probability in the current overbought state of the market).
Trading recommendations:
Traders should wait for a DAILY closure below 1.2300 for SHORTING the USD/CAD pair.
TP levels should be set at 1.2250 and 1.2190.
Stop Loss should be set as DAILY closure again above the ENTRY levels (1.2300).
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