The CAD could drop

[fxstrategist]

The USDCAD drops below the 1.4000 level, it couldnt stay below that level, but the bearish momentum is still strong.

 

[fxstrategist]

The USDCAD oscillates around the 1.3900 level, it could be resting to continue dropping, the 1.3600 level could act as support.

 

[fxstrategist]

Possible triangle formation on the USDCAD. A breakout on either side could create high volatility and entry opportunities.

 

[fxstrategist]

Good drop on the USDCAD, but the pair may find some support at the 1.3700 level, bearish trend is still in place.

 

[fxstrategist]

A good support at the 1.3700 level for the USDCAD, the pair is making lower lows trying to continue lower.

 

[fxstrategist]

The USDCAD breaks below the 200 day EMA and reaches the 1.3300 zone where it is currently trying to stall its bearish momentum.

 

[fxstrategist]

Let’s see if oil keeps rising and the USDCAD goes back down, so far the 1.3200 may continue as support.

 

[fxstrategist]

The USDCAD may break below the 1.2900 and the bearish momentum may accelerate towards the 1.2800 level.

 

[fxstrategist]

The USDCAD has pulled back to the 21 day EMA, from here the price may go back down.

 

[victoriajensen]

The USDCAD has pulled back to the 21 day EMA, from here the price may go back down.

I'm not so sure about that, not with that hammer candlestick that formed on the four-hour time frame. It's likely it will continue moving to the upside, towards the resistance at 1.3180.