FX.co ★ USD/CAD analysis for February 17, 2020 - Watch for bigger drop on the USD/CAD and potential test of 1.3125

Technical analysis:

USD/CAD has been trading sideways downwards. The price did break the 3-day balance support at 1.3233 and is heading towards the levels at 1.3125 and 1.3030. I see potential for the bigger drop on the USD/CAD.

Watch for selling opportunities on the rallies with the main targets at 1.3125 and 1.3030.

Stochastic oscillator is showing overbought condition and potential for downside rotation.

The slow line on the MACD oscillator just turned to the downside.

Support levels are set at the price of 1.3125 and 1.3030

Resistance level is set at the price of 1.3236 and 1.3270