FX.co - USD/CADanalysis for January 12 2023 - Test and reject of the key resistance zone

2023-01-12T08:45:38

Relevance until2023-01-13

Technical analysis:

USD/CADanalysis for January 12 2023 - Test and reject of the key resistance zone

USD/CAD has been trading sideways at the price of 1.3437 but I see potential for the downside continuation.

Trading recommendation:

Due to the test of the lower trend-line of the bigger channel in the background, I see potential for the further downside continuation.

Watch for the potential selling opportunities with the downside objective at 1.3354.

Stochastic oscillator is showing overbought condition and potential for the further downside movement.

Key resistance is set at the price of 1.3450/70

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/CADanalysis for January 12 2023 - Test and reject of the key resistance zone