USDCAD is testing 1.2950 support, again. In the previous USCAD analysis that we shared on 10 November, we talked about 1.2950 which worked as support and resistance nearly for five years. After the initial test, USDCAD rise to 1.3173 but could not continue more. Now the price is testing 1.2950, below and above this level, upper and lower band of bearish trend channel may become support and resistance in medium-term.
In the short-term, below 1.2950 level, 1.2930 and 1.29 can be followed as supports. If the price reverse again to the upside, mid-level of short-term trend channel which is at 1.30 at the moment, likely become the first target. Over 1.30, upper band of the trend may become the second target of upside moves.