USD/CAD analysis for January 13 2023 - First downside objective reached

Technical analysis:

USD/CAD has been trading DOWNSIDE as I expected and the price has reached the first downside objective at the price of 1.3350. Anyway, I see potential for further downside movement due to the strong downside momentum.

Trading recommendation:

Due to the strong downside pressure in the background and rejection of the key resistance zone, I see potential for the further downside movement and potential second target.

Watch for the potential selling opportunities on the rallies with the downside objective at the price of 1.3250.

MACD oscillator is showing fresh downside momentum, which is strong sign that sellers are in control.

Key resistance is set at the price of 1.3450