USD/CAD Is Testing the Support at 1.2900 Again

USD/CAD is once again testing the support at 1.2900 after a week of retracing to 1.3218. Should the pair manage to break below that support we will likely see a further drop towards the previous low at 1.2856. A break below that level would confirm the continuation of the bearish trend and its next target would probably be the support at 1.2660, which coincides with (MA)89 on the weekly time frame. Whether or not the pair will manage to break below 1.2660 as well is debatable, since that is a very strong support level. I think that if USD/CAD does reach that level we will likely see considerable retracement at the very least before the pair continues falling.