USD/CAD drops after retesting the former triangle's support. I've told you in a previous analysis that the pair is bearish and that it could drop again after the most recent temporary rebound.
It has dropped below the 1.2990 static support and now is targeting the 1.2940 lower low. A drop below this level will signal that USD/CAD could continue to drop towards fresh new lows.
The triangle pattern downside breakout signaled a larger decline, bearish movement, so a new lower low could suggest that USD/CAD will continue towards the 1.28, 1.27 psychological level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.