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❗ Technical alert: USDCAD 📉

1:09 PM 28 August 2020

USDCAD has been trading in a downward trend recently. Looking at the H4 interval, the pair broke below the support at 1.3135 and the declines accelerated. The nearest support to watch lies at the lower limit of the downward channel. If sellers manage to push the price below it, then the next support can be found around the 1.2950 level where the low from 2019 is located. One should be aware that the market may become more volatile once US and Canadian data will be released at 1:30 pm BST.

USDCAD H4 interval. Source: xStation5

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