USD/CAD fell below the former low signaling further drop on the H4 chart. If you remember, I said in my previous analyses that the outlook was bearish, the rate would have dropped deeper as long as it stayed below the downtrend line and after dropping somewhere below the 1.3140 level.
The next downside targets are seen at 1.3020, 1.3000, and lower at the 1.2956 level. USD is expected to depreciate if the USDX (US Dollar Index) will continue to drop.
USD/CAD Trading TipsThe drop below 1.3070 signals further drop, the immediate downside target is seen at 1.3020, this level acted as an important support level in the past.