After failing to break and peaking at 1.35000 Resistance, price declined falling 450+ pips where we found solid support around 1.3200 - 1.3180 where we see some BUY sensitivity/Sellers taking profit .
Lower Timeframes suggests price action has entered its corrective phase with targets set at 1.33450 / 1.33620 / 1.3400 and with Oil prices being dragged down by weak Chinese trade data which pointed to a global economic slowdown, the CAD should feel some pressure from this.
We will be watching this pair closely to see if price holds our targets 1.3500 -1.3400 Resistance, where we will be looking for price action to confirm further downside before then considering shorts. We will keep you updated.