USD/CAD is correcting up after the fall to the level of 1.2817 (Murray [2/8]).
The price can grow within the correction, but the downward trend maintains, which technical indicators confirm.
The first main target of the correction is the level of 1.2878 (Murray [3/8]), which corresponds to the middle line of Bollinger Bands.
Breakout of the level 1.2878 will let the price grow to the level of 1.2939 (Murray [4/8]).
If USD/CAD cannot consolidate above the level of 1.2878, the downward trend restoration and retest of the level 1.2817, 1.2756 (Murray [1/8]) are possible.
MACD volumes are in the negative zone, keeping a sell signal.
Bollinger Bands are slightly leaned downwards, reflecting the moderate developing of the downward trend.
However, the price has broken the lower border of Bollinger Bands, the upward correction is not excluded.
Support and resistance
Support levels: 1.2817, 1.2756, 1.2695.
Resistance levels: 1.2878, 1.2939, 1.3000.
Short positions can be opened below the level of 1.2817 with the target at around 1.2756-1.2695 and stop loss 1.2845.
Long positions can be opened above the level of 1.2878 with the target at around 1.2939-1.3000 and stop loss 1.2850.