The USDCAD pair resumes its downtrend following its double-top on its long-term downward oblique resistance. Investors can take advantage of this opportunity to take a bearish position with a stop loss placed above the moving average at 7 sessions. The first target can be set on 1.01 and will have to be confirmed by the break of the moving average at 20 sessions. In terms of technical indicators, the MACD is about to cross its signal downward which would accredit the resumption of downtrend.
Direction: Down
Entry: 1.0201
Stop-loss: 1.0310
