Another attempt to break the resistance level at 1.3170 failed. If bulls cannot cope with this resistance in the medium term, it could mean the development of a correction, which began last Thursday. Nearby stronger support is located at 1.3030. A possible test of this level will force USDCAD below the October lows.
It is worth to take a look at the chart for the D1 time frame. I marked with orange colour trend line, which recently was tested at the beginning of September. It is possible that today’s test of this line is the main target of supply. However, if we even come to test this line, the main scenario is still returning to gains. Chart still remains bullish because starting from the lows from May of this year, we observe higher highs and higher lows.
