FX.co ★ USD/CAD Analysis for February 10 2023 - Potential for the downside movement

Technical analysis:

USD/CAD has been trading upside this morning but I found strong rejection of the key resistance zone, which is good sign for the further downside movement.

Trading recommendation:

Due to the strong rejection of the key resistance zone at 1.3470, I see potential for the downside movement today towards lower reference.

Watch for the potential selling opportunities with the downside objective at 1.3370

Stochastic oscillator is showing fresh bear cross, which is sign for the further downside movement.

Key resistance is set at 1.3470