USD/CAD Breaks Support

USD/CAD is trading lower today after it broke the support line yesterday in the early European trading hours. The pair went from 1.3150, which was seen as the short term support zone, to today's low of 1.3025.

Currently, the pair has improved a bit and it's trading around 1.3040. The short term trend remains bearish as market participants are eyeing next support level at 1.2940-1.2910.

This week has no significant US or CAD data and therefore we might expect the pair to trade sideways to negative.

Long term trend remains strongly bullish as price is in an uptrend for the past 3 years.

Chart: USD/CAD H4