So the ideal strategy for trading this currency pair should be buying near support levels for the midterm. But still breakouts of support or resistance levels are important and breakouts may trigger further movement in the same direction.
Major Support and Resistance:
Resistance: 1.2507, 1.2622, 1.2667, 1.2772, 1.2815, 1.2908, 1.3085, 1.3259, 1.3320
Support: 1.2417, 1.2335, 1.2319, 1.2284, 1.2244, 1.2158, 1.2102, 1.2062, 1.2037, 1.1839
As per the technical analysis our strategy for the next few days should be:
Buying USDCAD at its nearest support and selling near resistance levels with a stop-loss of 35 pips. And if stop-loss triggers then the position should be reversed again with a 35 pips stop-loss. Breakout of resistance levels will provide opportunities for further profits.
Ideal Strategy: Buy at 1.2255, stop loss at 1.2220 and Target around 1.2772 levels.