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Translation results
Prices on the USD / CAD currency pair continue to show a downward trend until the weekend following the Canadian dollar supported by crude oil market stability.
Becoming Canada's major exporter, crude oil is back in high demand by China, which is one of the world's largest consumer of oil.
Even so, investors are also wary as the world's second-largest economy is still struggling with a critical pandemic crisis.
The US dollar, meanwhile, is back in decline after Federal Reserve (Fed) Chairman Jerome Powell has hinted at further policy easing in the future.
Factors driving the depreciation of the US dollar have seen prices on the USD / CAD chart fall lower below the 1.26700 level yesterday.
Reaching this week's low of the support zone of 1.26300, the price is slightly higher on the trade that continues to the Asian session this morning heading back to the level of 1.26700.
However, the price that remains below the Moving Average 50 (MA50) barrier within the 1 hour time frame of the price movement will continue to signal a bearish trend to investors.
A lower price drop is expected to reach the 1.26000 concentration level to continue recording the latest low since trading in April 2018.
If the price rises, the level of 1.26700 in the SBR zone (support become resistance) and the MA50 barrier will be tested before the price gives an early signal of a trend change.
The continued price rise has the potential to head back to the resistance zone at 1.27800.
