USDCAD – 1.3670 support broke, potential 300 pips decline

Yesterday USDCAD broke below support which has been stopping declines since the beginning of February. Nearest target for falls is located at 1.3420. If rebound occurs at indicated level nearest important resistance will be at 1.3670. Despite the current declines it’s too early to talk about new down trend which I will show at weekly time-frame.

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Wider view, time-frame W1

Since 2011 USDCAD moved in uptrend and now 300 pips left to test the uptrend line. That line can be found currently near 1.3200 and only break below that level will be a strong signal of trend reversal.