The USD/CAD dropped after OIL went up on a new where Pentagon confirmed “decisive action to kill” top Iran general.
The price has made a strong downtrend move below 1.3000 towards 1.3060. We should see a continuation lower targeting 1.2940 as the first target (ATR projection low) and later 1.2911 and potentially 1.2871. The price is strongly bearish. Have in mind that the ATR (5) of USDCAD is 57 pips so it might take some time for the price to reach lower levels. This scenario will be negated if the price makes a close above 1.3050.
