FX.co ★ USD/CAD: deeper drop still in cards

USD/CAD Temporary Rebound?

The USD/CAD pair increased a little today after reaching the new low of 1.3300. Still, the rebound could be only temporary, the rate could test and retest the near-term upside obstacles before dropping deeper.

You already know from my previous analysis that dropping below the 1.3334 former low may announce more declines. Technically, the minor downtrend line and the downtrend line represent upside obstacles.

USD/CAD Trading Conclusion!

Staying below the downtrend line and dropping below today's low of 1.3300 activates more declines. This scenario helps the traders to sell this pair again.