USD/CAD upside seems over
The USD/CAD pair challenges the 1.2664 former low after failing to reach the 1.2783 former high. After dropping below the uptrend line, the pair was somehow expected to come back trying to test and retest the broken line before dropping deeper.
Dropping and stabilizing below 1.2664 may announce a potential further drop. Only staying above this level will signal that the USD/CAD pair can try to come back higher.
USD/CAD trading conclusion
The level of 1.2664 stands as a downside obstacle. Dropping and stabilizing below it may announce more declines and could bring new selling opportunities. You have to be careful as the price could register only false breakdowns below this level.
