FX.co ★ USDCAD remains in bearish trend

USDCAD is challenging the 1.3350 low as we expected from our previous post. USDCAD remains in a bearish trend and after our bearish signal at 1.35 we now have a risk free trade as we will not be bearish any more if price recaptures 1.35.

Black lines -trading range

Having broken below the trading range we turned bearish at 1.35. Trend remains bearish and we continue to expect a move below 1.3350. Our next target is at 1.3280-1.32. Resistance is now found at 1.3420 and next at 1.35. Over the coming weeks if price continues to stay below 1.35 we could see this decline reach 1.29 area.