FX.co ★ Technical analysis and trading recommendations for the USD/CAD currency pair as of May 22, 2018

The USD/CAD currency pair has returned again to the value of 1.2748, which reflects the local lows of May 17. The recent impulse movement still did not give confidence to the "bears", and the value of 1.2748 stopped the quotation again. The value of 1.2748 is most likely the upper bound of the range level 1.2730 / 1.2748, thereby fixing the price lower than 1.2748 does not tell us what to sell. Considering the current movement, I would not do premature actions despite the turning point seen underneath and the possible wobbling of 1.2730 / 1. 2800 should not be ruled out.

To fill a position, I would take some options

Sale, a clear fixation below. 1.2730 with a prospect of 1.2660.

Purchase should fix a position above 1.2810, but in case of purchase, that option is dangerous which shows about wagging in the range due to potential breaks.

* The presented market analysis is informative and does not constitute a guide to the transaction.