The pair has been under intense pressure yesterday breaking below its recent low at 0,9580. We might see additional decline today if the market accelerates below yesterday’s low at 0,9570.
USD/CAD: daily chart
A break to the downside would expose 0,95 and maybe the multi-year low at 0,9450.
We still think though that the USD/CAD might be carving out a higher low formation for a bullish resumption over the middle/long term. But we need to see the 0,9450 level holding to confirm this scenario.
For the time being, the pressure remains on the downside.