The pair is back under pressure after its break below its rising trendline. Next target is given at 0,95 (weekly bollinger band) with an extension towards multi-year low at 0,9450.
USD/CAD: Daily chart
The market might be carving out a mterial base on top of 0,95 considering a bullish resumption on the US Dollar. In this event, we will consider the 0,97 level as the first barrier to the upside.
In any case, we will need to see a break above 0,99 to confirm a bullish potential.
Inversely, a break below 0,9450 would accelerate the decline.