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USDCAD has made no real progress since last July. Price bottomed around 1.30 and bounced towards 1.3380. Since then price is making lower highs and higher lows in a contracting triangle pattern.
Green lines- triangle pattern
USDCAD is approaching again the lower triangle boundary. Support is at 1.3060 area. If price holds this support level then we could see a bounce towards 1.3250-1.33. Short-term trend remains bearish as price is making lower lows and lower highs. A daily close above 1.3181 would turn short-term trend bullish.
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