USD/CAD 1.3272 seen as major target
The USD/CAD pair extended its downside movement. It was trading at 1.3350 at the time of writing. I've mentioned in my previous analysis that dropping below 1.3412 activates more declines. After its massive drop, we cannot exclude a minor growth. The rate could come back to test and retest the 1.3412 level and the downtrend line before dropping deeper.
Technically, the downtrend line and the 1.3412 former low represent upside obstacles. As long as the rate stays below these levels, it could approach and reach new lows.
USD/CAD trading conclusion
The breakdown below 1.3412 was seen as a selling opportunity with a potential downside target at the 1.3272 lower low which represents a downside obstacle.
