USD/CAD Downtrend!
The USD/CAD pair resumed its drop and now is trading at 1.3160 at the time of writing. Technically, the downtrend line represents an upside obstacle. As long as it stays below it, the currency pair should resume its downside movement. The rate retested the downtrend line extending the downtrend line.
As you can see on the H1 chart, the rate dropped below the former low of 1.3178 which represented a downside obstacle signaling more declines.
USD/CAD Trading Conclusion!
Dropping below 1.3178 confirmed a deeper drop and was seen as a new selling opportunity.
