USD/CAD spiked up to the 1.2950/60 pivot but has failed here. The move looks exhaustive and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, looks for further losses to 1.2475/20 and potentially the low 1.20 region.
1.2950/60 pivot provoked failure
“Spike higher looks exhaustive and has not been confirmed by the daily RSI.”
“The sell-off is likely to find initial support at the 55-day ma and late July low at 1.2474/20, but failure here is expected and will re-target the 1.2005 May low.”