USDCAD – Exhaustion Price Action Plays Out | Feb 2

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USDCAD – Exhaustion Price Action Plays Out (1hr chart)
Yesterday in our weekly market commentary, we talked about the exhaustion price action in the USDCAD suggesting a likely pullback. As you can see from the chart below, this is exactly what happened with the pair forming a LH (lower high) and breaking the intra-day support at 1.2667.

The next key support levels to watch are 1.2550+ & 1.25. A daily close below 1.2375 likely opens up some fresh downside, definitely tripping some stops. However bids stepping in here with strength likely means 1.2667 and 1.2790 will be under attack.

usdcad

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