USD/CAD Reached The Shore

USD/CAD is trading right on the 200SMA, thus marking a strong support at 1.3300. Currently, price is 1.3380, after a sharp rebound from the low of 1.3261. Although, the steady decline has been going on for almost two months, the pair seems to be getting ready to make a turn.

In case a market turn happens, then price might attempt to test the level of 1.3475, which is the first short-term resistance. Second resistance appears the level of 1.3550.

On the other hand, a continuation of the downward movement would lead USD/CAD to major support zone at 1.3170-1.3200.  If this level is breached, then the pair would get out of the long-term bullish channel and would end up targeted by aggressive bears ready to tear it up.

Chart: USD/CAD D1