FX.co ★ USD/CAD: more declines possible

USD/CAD Strong Sellers!

The USD/CAD is trading at 1.2812 at the time of writing right above the 1.2804 former low which is seen as a downside obstacle. After dropping below the uptrend line, the price was expected to drop. As you can see on the H1 chart, USD/CAD has tried to grow after its last strong drop. It has failed to approach and reach the 1.2900 psychological level signaling strong sellers.

Now, it challenges the 1.2804 level again, dropping and stabilizing below this level may signal further drop. Staying on this key level could announce an imminent breakdown.

USD/CAD Trading Conclusion!

Dropping below the 1.2800 psychological level may signal a downside continuation. The 1.2719 previous low could represent a downside target if the rate continues to drop.