FX.co ★ USD/CAD Deeper Drop Confirmed

USD/CAD continues to drop within a down channel pattern. The pair is traded at the 1.2655 level and is expected to resume the downside movement after dropping below 1.2691 static support, former low.

The price has reached a new lower low today, so it could continue to drop inside of the descending channel's body. The outlook will remain bearish as long USD/CAD stays within this chart pattern.

Trading Conclusion!

Dropping below the previous lows represents a selling signal. The major downside target remains at the channel's downside line. USD/CAD could reach fresh new lows as long it stays below the downtrend line, channel's resistance.

1.25 and 1.24 levels could be used as downside targets as well.