The greenback, tracked by the DXY, has resumed the downside at the beginning of the week and is now flirting near 96.40.The defense minister Tobias Ellwood has hinted that Theresa May could be poised to propose an extension to article 50 and confirmed that if she does not, he is “tempted” to vote for a delay to Brexit. The prevalent US Dollar selling bias, amid growing optimism over a possible resolution to the long-standing US-China trade disputes, turned out to be one of the key factors exerting some downward pressure on the major.
As of writing price falling at 1.31250 USDCAD starts the week with a bearish move trying to reach neighborhood of the February start low at 1.31000. Just as USDCAD failed to break the raising channel for a long time, the levels are gaining more strength for the bulls and bears to decide their further movement. If the market is in favor of the bears, downfall breaking the 1.31000 level leads the bears to further psychological level at 1.30000. Bulls have equal confluences as the pair can bounce in 0.618 Fibonacci level at 1.31000 which leads to the last high and further more upside movement retest the channel resistance.

USDCAD TODAY:
Daily open: 1.31374
Daily Last high: 1.31458
Daily Last Low: 1.31216
Daily current growth: -0.10%