USDCAD remains in a bearish trend. Price has given an initial bearish signal back in 1.35 and has since then continued making lower lows and lower highs. Price has made an important resistance at previous key support at 1.3350.
Blue lines - short-term bearish channel
Blue vertical lines - size of downward move expected
Red rectangle- key resistance
USDCAD is approaching our 1.30 target since it broke below 1.3350. Now it is trading at 1.3160 and I expect price to continue lower. The RSI is still not in oversold levels. Resistance is found at 1.3350 and as long as price is below this level we remain bearish.
