The price chart of the USD/CAD currency pair is seen continuing to decline lower until the close of trading last week for a 2-week decline in a row.
The Canadian dollar took advantage of the situation to move better against the US dollar as the currency king fell at the end of the week following the publication of poor readings of economic data from the United States (US).
Additionally, crude oil prices are also trading well after the recovery that took place last week which also supported the Canadian dollar.
Looking at the USD/CAD chart, the price has slipped below the 1.33000 level with the lowest level recorded at the end of last week being around 1.32200.
For 2 weeks in a row, the price remained below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the chart to display the continued bearish movement earlier this week.
If the situation continues, the price will creep lower to test the 1.32000 level after the last time the price touched that level since the early trading last August.
The continued decline will also lead to the support zone in July trading which is around 1.31000.
However, if the price returns to show a surge past the MA50 barrier and the 1.33000 level, this will be a sign for a change in the bullish trend again.
The price increase will continue to reach the level of 1.34000 which was seen as a resistance during last week's trading.
