1.2950 level worked both as support and resistance for the last 5 years. Now, USDCAD is testing it below. If it continue to hold, there can be a reversal to 1.3370-1.3380 resistance area which includes trend channel’s upper band and horizontal support.
If price broke 1.2950 to the downside, trend channel’s lower band which is nearly at 1.2690 level, can be followed as support.
