USDCAD bearish–The 1.3080/1.3175 resistance zone caps near term

FX:USDCAD   U.S. Dollar / Canadian Dollar
18 0 0
USDCAD             1.2968 – bearish – The 1.3080/1.3175 resistance zone caps near term

USDCAD             sold off sharply from the 1.3456 multi-year high (September 29, 2015) to 1.2900 (October 8/12, 2015 lows) near the 100 day moving average before ranging. While the 1.3080/1.3175 resistance zone caps near term, scope remains for further weakness towards 1.2860 (July 29, 2015 higher low) near 5-month rising trendline (from May 13, 20115 low). Below there would risk 1.2804 (July 14, 2015 high) near 50% of the 1.2127/1.3456 rise. However, a clean break above the 1.3175 area would suggest basing and resume the long-term uptrend towards 1.3331 (October 1, 2015 high).
Intraday: bearish
Daily: bearish
Weekly: neutral
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