USDCAD is challenging important long-term support levels. Bulls need to step in now, otherwise we could see price move below 1.30 soon, even this week. Such a break down could lead to 1.27 and would cancel any scenario for a move towards 1.35.
USDCAD price is right above the red trend line support at 1.3125. The RSI has already broken this support level. This is a bearish sign. This increases the chances of a move lower at least towards 1.30. Long-term support is found at 1.30. Breaking below it will open the way for a move towards 1.28-1.27. Bulls need to recapture the 1.3240 level in order to keep hopes for 1.35 alive.
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