USDCAD continued its upward rally upto 1.2800 area last week. It is targeting to its next physiological zone at 1.3000. This zone will be very strong resistance for this pair. From every retracement, we can take buy position and we can target 1.3000 area. You can see buying zone in the chart. So that level, we need to wait for take buy.
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In Technical Indicators view
In daily chart, MACD indicator is above 0.0 level. So it is giving buy signal in this pair.
In daily chart, RSI indicator value is 83 which indicates overbought of this pair. So we should not buy from high level. We have to buy on this pair from near-term support zone.
All types of Moving averages are giving buy signal on this pair.
In summary, different technical indicators are giving strong buy signal. So our recommendation for this pair is to stay on upside from every retrace.
Weekly Pivot, Support and Resistance
Resistance Two (R2): 1.3055
Resistance One (R1): 1.2892
Pivot Point: 1.2636
Support One (S1): 1.2473
Support Two (S2): 1.2217