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USD/CAD - Breaking Short-Term Uptrend

USD/CAD's short-term uptrend has been broken. Yet, the pair needs to break hourly support at 1.2895 (18/05/2016 low) to confirm deeper selling pressures while hourly resistance can be found at 1.3188 (24/05/2016 higher). Expected to show further bearish move.

In the longer term, the pair is now trading well below the 200-day moving average. Strong resistance is given at 1.4948 (21/03/2003 high). Stronger support can be found at 1.1731 (06/01/2015 low). The pair may have entered a new long-term decline.

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