Thursday, October 15, 2026

Technicals

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FxWirePro: USD/CAD changes short term trend from bullish to bearish after oil prices rally

The USD/CAD pair continued its decline on Friday, as pair was weighted down after stronger than expected domestic data and rally in oil prices. The pair in the European session rose towards up to 1.2730 levels, but fell …

By Keith Miller
1 min read
EconoTimes — Reading the Times. Understanding the Future.

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  • The USD/CAD pair continued its decline on Friday, as pair was weighted down after stronger than expected domestic data and rally in oil prices.
     
  • The pair in the European session rose towards up to 1.2730 levels, but fell back as rebound in oil prices towards 45$ per barrel and strong Canadian retail sales data strengthened Canadian dollar against the greenback.
     
  • The currency pair is trading at 1.2667 levels, it is expected to reach 1.2600 levels and 1.2550 levels in the short term.
     
  • The immediate support can be seen at 1.2640, break below this level will expose the pair to next support level at 1.2600.
     
  • Major resistance can be seen at 1.2783, break above this level will expose it towards 1.2800 levels.

    Resistance Levels

    R1: 1.2710 (50% Retracement level)

    R2: 1.2760 (Daily high)   

    R3: 1.2783 (61.8% Retracement level)

    Support Levels

    S1: 1.2640 (38.2% Retracement level)    

    S2: 1.2600 (Psychological levels)               

    S3: 1.2546 (23.6% Retracement level)

 

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By FxWirePro Team