After some intense rallying last week up to 1.084, usdcad is again continuing it’s downtrend (visible on the hourly chart) to the 1.03 support region.

Last weeks rally up was aided by better than expected US data. This weeks continuation of the down trend has been driven by strong cad data as well as an increase in Oil demand (of which cad is a big producer).

While 1.05 is not passed, we expect this pair to remain bearish until yearly lows are hit at approx 1.03 region.

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