USD/CAD Found Some Support at 1.2355

USD/CAD has been moving to the downside for about three weeks – ever since the pair formed a shooting star candlestick on the daily time-frame and a hanging man candlestick on the weekly time-frame below the resistance at 1.2920. The pair fell to 1.2355 and found some support at that level as it formed a clear spinning top candlestick at that level before beginning to retrace to the upside. Such a candlestick is hardly a very trustworthy signal for a reversal, so the pair will likely continue falling after the retracement, which could reach 1.2500 or even 1.2580, is over. To the downside the likey targets are 1.2180 and the last low, which is at 1.2060.