Price on the daily chart of USDCAD has broken below the daily support level. This level now becomes the new resistance level and become crucial as price often re-test the level then making a new low.
Recently, price on USDCAD is on its way to re-test the new resistance level as often does happen in the pair that making a break lower. As the 4-hour chart shows below, the price has just sending higher back into the resistance level and if the price could form a bearish signal at that level, I will start hunting for a short trade.
USDCAD daily chart
USDCAD 4-hour chart
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