FX.co ★ USD/CAD analysis for December 20, 2021 - Upside continuation in the play

Technical analysis:

USD/CAD has been trading flat during the first part of Europe session. I see potential for the downside movement.

Trading recommendation:

Due to rejection of the key resistance at the price of 1,2936, I see potential for the downside movement towards important pivots at 1,2888 and 1,2878

Watch for selling opportunities on the rallies with the downside objectives at 1,2888 and 1,2878

Stochastic is showing fresh bear cross from overbought zone, which is another sign and confirmation for the downside rotation.

Key resistance is set at the price of 1,2936