USD/CAD is trading at the 1.3156 level and it seems determined to reach fresh new lows after the failure to retest the downtrend line. The outlook is bearish as long as the price stays within the major descending channel's body.
A drop below the former low, peak low, bottom, will suggest selling if you are not already short on this pair.
USD/CAD Trading TipsYou may have a selling opportunity if USD/CAD reaches the 1.3130 level, the next major downside target remains at 1.3020 level.
A buying opportunity could appear only when the price jumps and stabilizes above the downtrend line. There is no need to discuss this scenario as long as the price is located way below it.