The USDCAD pair has been on a bearish trend lately, as indicated by the downside movement from 1.3667 to as low as 1.3527. This suggests that the uptrend from the Apr 14 low of 1.3300 has completed.
Looking forward, a further decline could be expected in the coming days and the next target would be at 1.3450 area. However, it’s important to note that there are resistance levels at 1.3600 and 1.3667, which could serve as potential roadblocks for the downward movement. Only a break above these levels could trigger another upside movement towards 1.3800.
