USDCAD Reaching Breakpoint

 

The US Dollar after nosediving towards the 1.3385 level against the Canadian Dollar found support. Later, the USDCAD pair started a recovery, and moved above the 1.3400 resistance.

The pair also succeeded in breaking the 50% Fib retracement level of the last decline from the 1.3520 high to 1.3387 low. However, the upside moves prevented by a bearish trend line at 1.3480.

The pair is slowly moving down, and following the same bearish trend line with current resistance at 1.3460.

On the downside, there is a major support at 1.3440. So, we may soon witness a break either above 1.3460 for further gains, or below 1.3440 for more declines.

 

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