USDCAD kept sliding in the short term, with the pair settling below the resistance of 1.3541, representing the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the long term (from 1.4690 to 1.2831), with negative pressure from the SMA for the last 50 days period, with the overall dominance of the downward short-term trend along the trend line as shown in the attached chart, while noting that relative power indicators have reached extremely oversold levels.

Therefore we expect more losses to come for the pair, targeting the pivotal support of 1.3270, representing the ratio 76.4% of the same retracement levels mentioned earlier, with a high a chance of a U-turn higher upon reaching that level.

Trend Bearish