Rimani 
Condizioni di trading
Strumenti
The Loonie has rallied again versus USD despite some poor data from Canada. USD/CAD dropped only because the US dollar weakened once again amid the Fed's measures. The US dollar has also retreated because there is some hope that the COVID-19 pandemic will slow down in the upcoming weeks.
The oil price plunged in yesterday's session after OPEC meeting. However, the USD/CAD pair remained unaffected by this news. Therefore, it continues to drop. Technically, the pair is under massive pressure according to the Daily chart, so a further drop is favored if traders start selling off the US dollar.
USD/CAD has slipped below the 38.2% retracement level and below the weekly S1 (1.4014), it is traded below the downtrend line, channel's resistance. That's why it is still bearish and it could extend the sell-off.
So, the bias is bearish as long as USD/CAD is traded within the down channel, the next potential target is seen at the S2 (1.3839) - 50% area, and only a valid breakdown through this downside obstacle will validate a broader drop towards the S3 (1.3672) towards the 61.8% retracement level and towards the channel's downside line.
Another low, a drop below 1.3930 and 1.3920 support will confirm a further drop at least till the S2 (1.3839) level. USD/CAD is bearish after the failure to take out the downtrend line. It has only tested and retested this line and the S1 (1.4014) level / 38.2% retracement level. USD/CAD could approach the downside line if the USDX drops towards the 98.00 psychological level again.
A further drop could be invalidated only by a breakout from this descending channel above the downtrend line. You could search for long opportunities from above 1.4080 level.
Le recensioni analitiche di InstaForex ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaForex, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.
