FX.co ★ USD/CAD: 1.3412 as next downside target

USD/CAD Downside Continuation!

The USD/CAD pair has been trading lower following its temporary growth. It's trading at 1.3448 at the time of writing and it seems determined to approach new lows. After dropping below 1.3520, the price signaled more declines. Still, after its amazing drop, temporary growth was natural before extending its downside movement.

Technically, the 1.3412 former low represents a downside target and obstacle. Reaching this level and staying above it may signal new potential growth.

USD/CAD Trading Conclusion!

Dropping and stabilizing below 1.3412 may confirm a downside continuation and is seen as a selling opportunity.