USDCAD –last week’s fall is taking a breather; daily Tenkan-sen caps recovery for now
The pair is slightly firmer on Monday, following strong fall in last three days of past week. Bearish acceleration found footstep at 1.2700 zone and closed above cracked Fibo 38.2% of 1.2432/1.2916 upleg at 1.2731.
Upside attempts today remain capped by broken daily Tenkan-sen (1.2773) and repeated close below it would keep near-term focus at the downside for retest of 1.2731 Fibo support.
Sustained break here is needed to signal fresh extension of pullback from 1.2916 top towards next key support at 1.2674 (50% retracement / daily Kijun-sen).
Conversely, close above Tenkan-sen is required to sideline current bearish threats while sustained break above 1.2800 would signal reversal.
Res: 1.2773; 1.2802; 1.2835; 1.2875
Sup: 1.2731; 1.2714; 1.2674; 1.2617