USDCAD is holding below the 1.2950 level which the price fell below for the first time since 2018. If USDCAD continues to stay below this level bearish pressure may increase and in the first half of 2021, a move to the 1.2160-1.24 zone may begin. The broken 8-year uptrend is supporting the downward moves.
For upward direction, USDCAD must break and hold above 1.2950. This may lead to a back-test of the broken trend.
CAD bulls finally gaining control in the futures market. CAD net positions turned positive for the first time since March. This reverse of positions. while the USDCAD fell below 1.2950 at the same time is a clear signal for bearish pressure for USDCAD.
