As the greenback continues to lose broadly, the USDCAD pair dropped on Wednesday as well, losing 0.20% in the morning and it was trading at fresh three-week lows around 1.2950.
More importantly, traders pushed the USDCAD pair back to the bearish channel, which means further downside momentum could continue. The next target for bears might be at August lows or 1.29 and ― if this level is taken out ― the price could deteriorate to 1.2850 quickly as stop losses of long positions might be under this level.
The resistances are located at previous lows slightly below the psychological level of 1.30. If bulls resurrect today, the next target would be at the upper line of the bearish channel, somewhere around 1.3020.
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