Pullback on the USD/CAD

The US Dollar versus the Canadian Dollar has stayed in a well-supported down trend as shown on the daily chart. At the moment the price is trying to retrace or pullback to the upside, but the 1.3200 or the 21 day exponential moving average could act as resistance. In order for a trend to be sustainable, it needs to have some pullbacks on the way to allow new sellers to come into the market. That is why the pair has had a good bearish trend, because it has had its pullbacks along the way. The 1.2900 level could act as support.