FX.co ★ Weekly USDCAD analysis.

USDCAD remains under pressure for the fourth week. Price made a triple top at 1.2910 in early March. Price has tested the specific price level three times and got rejected each time. Failure to hold above 1.2335 will be a bearish sign.

USDCAD has retraced only 38% of the entire decline so far. Price has tested 1.29 three times but no success. This price action confirms the importance of the resistance at 1.29. Inability to break above this level will eventually lead price lower towards 2021 lows around 1.2050. Bulls need to recapture 1.29 in order to regain control of the trend. If this happens, then we should expect USDCAD to reach 1.3635.