USDCAD is trading around 1.2485 and 5 days ago price broke below a key upward sloping support trend line at 1.2570. USDCAD bounced back to back test the broken support level and price got rejected and turned lower to new lows.
Usdcad remains under pressure making lower lows and lower highs since the top at 1.29. The RSI has not reached oversold levels yet. Price broke the support trend line. This support trend line was tested twice and traders respected it. Now that we are trading below this trend line, USDCAD is vulnerable to more downside. Yesterday's high at 1.2591 is key resistance and as long as we trade below it, price will remain vulnerable to more downside.
