Follow up on the USD/CAD

A few days back we saw that the USD/CAD had found a good support area around the 1.3400 level and was having difficulties in breaking that level to the downside. But today, a daily rally on oil has supported the Canadian Dollar and the pair breaks below the 1.3400 to reach the 1.3300 as we mentioned on our previous analysis. On the daily chart we can also see that if the price keeps dropping, then it may try to visit the 200 day EMA, blue line, around the 1.3233 level, which could act as support, it may also continue with its bearish momentum and reach the 1.3200 level. On this same chart we see that its most relevant support is currently around the 1.3100 level from where it has already bounced to the upside and changed direction. On the other hand, if the prices bounces to the upside from the 1.3300 level, then it may go to the 1.3400, which may change from support to resistance and the pair may go back from there to its bearish trend.