USDCAD – fresh rally forms higher base at 1.2700
The pair bounced on Tuesday after four-day descend from 1.2916 found solid support at 1.2700.
Fresh strength of the US dollar sidelines immediate downside risk, seen on break below pivotal supports at 1.2670 (20SMA / daily Kijun-sen).
Recovery rally eyes key points at 1.2782 (Fibo 38.2% of 1.2916/1.2700) and 1.2808 (daily Tenkan-sen / 10SMA) close above which is required to signal an end of corrective phase and shift near-term focus higher.
Overall bullish structure of daily techs and slow stochastic reversing from oversold territory, support the notion.
Res: 1.2782; 1.2808; 1.2833; 1.2875
Sup: 1.2751; 1.2738; 1.2700; 1.2670