USDCAD could continue to decline further

17 December 2020

USDCAD is trading in a lower top lower bottom formation suggesting the trend to be bearish in the near term. The currency pair is trading below the 20-day SMA supporting the above observation, RSI is also hovering in the bearish zone corroborating the above observation and indicating further downside potential. The currency pair could decline towards 1.2670 and 1.2620 while it sustains below 1.2800.

Prepared by
Technical Analysis Team

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