FXstreet.com (Barcelona) - After it falls around 60 pips in the early European session, The USD/CAD has broken down the flat channel it has been traded along the day to go below the 1.2760 and reach the 1.2740.
The USD/CAD has been trading between a 1.2760/1.2805 flat channel since the beginning of the Asian session after falls around 180 pips from the 1.2946 to the 1.2765 in the yesterday's American session. At the beginning of the European morning, the USD/CAD has been rejected by the 1.2805 resistance and the pair has fallen to break the 1.2760 and reach go down below the 1.2750 level.
Currently, the pair is trading around the 1.2750/70, if the downtrend is confirmed, the USD/CAD will go down to test tge 1,2720, below there, the 1.2590 will be exposed.
According to the Union Bank of California Team, the USD/CAD will remain on range ahead the Canadian unemployment data: The Canadian dollar weakened against the US dollar despite oil rebounding to $43 a barrel. Speculation that Canada's unemployment rate for February may be higher than expected has also weighed on the loonie. The currency will likely remain range-bound ahead of release of important jobs and trade data.