The USDCAD is currently consolidating at the 1.35 price level following the significant reversal from the 1.38 resistance level.
Canadian employment data on Friday signaled an improving job market which added strength to the Canadian dollar.
If the USDCAD breaks below the 1.3470 price level, a continuation of the downtrend can be expected, with the next key support level at 1.3250.
Alternatively, if the USDCAD bounces strongly from the current level, the USDCAD could continue to fluctuate between the price levels of 1.35 and 1.38.
Canadian employment data on Friday signaled an improving job market which added strength to the Canadian dollar.
If the USDCAD breaks below the 1.3470 price level, a continuation of the downtrend can be expected, with the next key support level at 1.3250.
Alternatively, if the USDCAD bounces strongly from the current level, the USDCAD could continue to fluctuate between the price levels of 1.35 and 1.38.