After testing in mid-November the upper limit of the growth channel USDCAD headed down. Extremely long the support level of 1.3420 was defended – 2 weeks. Yesterday this support was finally broken and bearish movement is heading towards 1.3150.
At the level 1.3150 is support, a little lower at 1.3080 is currently lower limit of the upward channel.
Along the way today was tested support at 1.3280 and at this moment this level has not been broken. Breaking this level now seems very likely not to say that almost certain. The main scenario for the USDCAD is first to fall to the lower limit of the downward channel and then rebound. When returns bullish impulse most likely after a rebound from the level 1.3150 will be the next resistance levels: 1.3280, 1.3420, 1.3670.
