We were considering a bullish resumption on this pair lately and if the market has made an attempt towards 0,98 as expected, it wasn’t able to hold above 0,97.
In fact, the reversal was quite impressive yerterday with a rush back towards the 0,96 area.
USD/CAD: daily chart
Given the latest price actions, it is now difficult to keep a bullish outlook over the short term. Yesterday’s spike will probably put additional pressure on the pair with a possible target at multi-year low (0,9450).
Only a break above 0,98 would leviate the downside pressure.