Home Analysis USD/CAD posted a third consecutive weekly decline

USD/CAD posted a third consecutive weekly decline

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USDCAD posted a third consecutive weekly decline - forexspacex.com

USD/CAD struggled this week and broke below the major support level at the 1.2800 mark. After the bounce in oil prices, USD/CAD ended its decline and fell 0.90% to settle at the 1.2720 level by the end of the week. The price is trading inside a bearish pattern and it seems that bears will target the next immediate support level at the 1,2700 mark. Canada is a key exporter of West Texas Intermediate crude oil and any uptick in the crude oil prices support the Canadian dollar (CAD). The relative strength index indicator is Making lower highs and lower lows on the daily chart, indicating a bearish bias in the market. Therefore, one must look for potential selling opportunities in USD/CAD.

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