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The USD/CAD pair dropped within a down-channel pattern. As long as it stays below the downtrend line, the rate could approach and reach new lows. It was traded at 1.2871 at the time of writing.
As you can see, the price action developed a minor up-channel pattern in the short term. After its last strong drop, the rate has managed to rebound and recover. The current ascending channel (flag pattern) could signal a new downside movement if it drops below the minor uptrend line.
The currency pair is challenging the minor uptrend line which represents a downside obstacle. Staying above it may signal potential growth at least towards the downtrend line.
Dropping and stabilizing below the minor uptrend line could announce that the rebound ended and that the USD/CAD could drop at least towards the 1.2822 former low. This scenario could help the sellers to catch a new downward movement.
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