As you can see on the Daily chart, US Dollar has been decreasing in value against the Canadian Dollar. Daily price has previously made a low at $1.31500 zone.
Most recently Bears were able push and close below the previous low and support zone of $1.31500 confirming the Bearish strength within the Forex pair.
As most break outs do, we will be waiting for price come back to the support zone marked by the red shaded zone. For ideal trade snipping we will be monitoring 4H chart.