18.02.202217:37 Forex Analysis & Reviews: Technical analysis of USD/CAD for February 18, 2022

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Overview:

The USD/CAD pair movement was debatable as it took place in a narrow sideways channel for a while. The market showed signs of instability.

Amid the previous events, the price is still moving between the levels of 1.2670 and 1.2750. The daily resistance and support are seen at the levels of 1.2750 and 1.2670 respectively.

In consequence, it is recommended to be cautious while placing orders in this area. Thus, we should wait until the sideways channel has completed.

On the H1 chart, the price spot of 1.2783 or/and 1.2750 remains a significant resistance zone. Therefore, there is a possibility that the USD/CAD pair will move to the downside and the fall structure does not look corrective.

Resistance is seen at the level of 1.2750 today. So, sell below 1.2750 with the first target at 1.2670 to test yesterday's bottom.

In overall, we still prefer the bearish scenario as long as the price is below the level of 1.2750. Furthermore, if the USD/CAD pair is able to break out the bottom at 1.2670, the market will decline further to 1.2635.

However, it would also be sage to consider where to place a stop loss; this should be set above the second resistance of 1.2822.

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