USD/CAD Slightly Down

USD/CAD returned some of the gains posted last week due to weaker US dollar. The pair reached a high of 1.3003 forming a double top withe the last high on April 18. Bears, however, managed to pull price down to a low of 1.2887 earlier today.

The pair remains bullish on the short-term with first resistance at 1.30 and first support at 1.2890. No major news are expected today so we might witness calm markets.

On the long-term, USD/CAD needs to close above 1.31 so we could consider a possible uptrend formation. Until then, the pair is bearish.

Chart: USD/CAD D1