From a technical point of view, on a daily chart, USD/CAD remains capped by a declining trend line in place since March and by its declining 50-day moving average (in blue). The daily RSI stands below its neutrality area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3500. The nearest support would be set at horizontal support at 1.3100 and a second one would be set at set at yearly bottom at 1.2950 in extension.
Source: TradingView, GAIN Capital