The US dollar is trading at a multi-year low against the Canadian dollar, as the greenback remains under pressure across the board. Higher time frame analysis shows that the 1.1980 level is a possible bearish target if the decline in the USDCAD pair continues. Traders should also be aware that the USDCAD pair could reverse sharply from the 1.1980 level as it is long-term trendline support.
The USDCAD pair is only bullish while trading above the 1.2280 level, key resistance is found at the 1.2340 and the 1.2470 levels.
If the USDCAD pair trades below the 1.2280 level, sellers may test the 1.2080 and 1.1980 levels.
