Since today can still be considered the beginning of trading in the last week of 2021, let's turn to the analysis of the pair of two North American dollars and start with the results of the last five-day trading. However, to begin with, let's look at the economic calendar. It can be immediately noted that in the last week of the outgoing year there will be a minimum of macroeconomic statistics, most of which will come from the United States of America. But there are no reports from Canada at all.

Weekly

So, at last week's auction, the USD/CAD currency pair showed a decline, ending the session on December 20-24 at 1.2813. At the same time, it is necessary to note several rather important technical points. First, on the approach to the most important historical, technical and psychological level of 1.3000, the pair met quite strong resistance from sellers and turned south from 1.2962. Second, the quote failed to gain a foothold above the strong orange 200 exponential moving average, and also to confirm the truth of the upward exit from the weekly Ichimoku indicator cloud. As a result of the decline, trading ended within the cloud. At the time of writing this article, we see another attempt to exit up from the cloud, which at the moment turned out to be unsuccessful.

The pair has already fallen below the previous minimum values of 1.2785 and hit the black 89 exponential moving average. The completion of weekly trading at 89 EMA may open the way for further decline to the area of 1.2655-1.2605. It is here that the red Tenkan line and the blue Kijun line of the Ichimoku indicator pass, and the lows of the beginning of December are also marked. As you can see by the large lower shadow of the highlighted candle, weak support runs far here. The conclusion that can be made on a weekly schedule. The inability of USD/CAD bulls to bring the exchange rate up from the cloud, followed by a breakdown of the 200 EMA and the resistance level of 1.2962, is likely to give this trading instrument a bearish mood and determine a downward scenario for the pair. At the moment, it is the bearish course of trading on USD/CAD that is presented as the main one.

Daily

The pair tried to rise to higher prices, but the rate turned down from 1.2846, and the auction ended just below the support level of 1.2785 and the blue Kijun line of the Ichimoku indicator. However, the closing below was so insignificant that the truth of the breakouts, the listed level and the line is still questionable. Moreover, at the end of the article, the USD/CAD pair is trading above the support level of 1.2785. Nevertheless, in my opinion, the "Canadian" now, when there is a rally in the oil market, has an advantage over its American namesake. The main trading recommendation, according to the personal opinion of the author of this article, is sales after attempts to break above the strong price zone of 1.2800-1.2805. A little higher, you can look at the opening of short positions from the price area of 1.2820-1.2828. However, it would be nice to see confirmation signals before opening deals.