FX.co ★ USD/CAD: more declines in cards

USD/CAD New Downtrend!

The USD/CAD pair was trading at 1.2802 at the time of writing and it seems vulnerable to dropping further. As you can see on the H1 chart, the rate dropped below the uptrend line signaling exhausted buyers and that the price could develop a new downtrend. The 1,2821 former low was seen as a downside obstacle.

Dropping below this level indicates more declines. In the short term, the price came back higher above the 1.2821 key level but it has failed to stay above it signaling strong downside pressure, and strong sellers.

USD/CAD Forecast!

Coming back below 1.2821 and dropping under the 1.2799 yesterday's low indicates more declines and could help the sellers to sell this pair.