USDCAD Red flags
The US dollar is coming under pressure against the Canadian dollar, as oil prices rise after the recent OPEC minister meeting on Thursday. The USDCAD pair has formed a notable double-top pattern and has failed to follow through above the 1.2600 level this week. Lower time frame analysis is flashing a warning for the USDCAD pair due to MACD negative price divergence extends down towards the 1.2470.
The USDCAD pair is only bullish while trading above the 1.2570 level, key resistance is found at the 1.2600 and the 1.2650 levels.
If the USDCAD pair trades below the 1.2570 level, sellers may test the 1.2510 and 1.2470 levels.