The USD/CAD pair continued its downward momentum, hitting as low as 1.3369. It appears that the pair is consolidating at these levels before making another move, and the next target could be at the 1.3300 support level.
Looking ahead, the near-term resistance for the USD/CAD pair is at 1.3420, followed by 1.3470. However, any upside moves could be seen as a correction before another possible move to the downside. Only a break above the resistance level of 1.3470 would indicate a possible reversal of the downtrend.
In summary, the USD/CAD pair is currently in a downward trend, and the next target could be at 1.3300 support level. While any potential upside moves could be seen as a correction before another possible move to the downside, a break above 1.3470 resistance level would indicate a possible reversal of the downtrend. Traders should keep a close eye on the key support and resistance levels to help inform their trading decisions.
