FX.co ★ USDCAD challenges major support. Vulnerable to a move towards 1.30.

In our last analysis we noted how USDCAD was challenging important horizontal support at 1.3350. We remain bearish as we said before, as long as price is below 1.3475-1.35.

Price is still inside the bearish channel since early 2020. Price is now breaking below 1.3350 key support. It is important for bears to see this level break on a weekly closing basis. The chances of this trend continuing lower are high. Our next target remains at 1.30.