USDCAD currency pair be expected to fall further toward the next support level 1.3420 (former strong support from August).
– USDCAD reversed from resistance area
– Likely to fall to support level 1.3420
USDCAD currency pair recently reversed down from the resistance area located between the key resistance level 1.3600 (former strong support from May, June and July, acting as the resistance now, as you can see from the daily USDCAD chart below), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from the start of August. The downward reversal from this resistance started the active minor impulse wave 3, which belongs to the higher order impulse wave (3) from the start of last month.
Given the strongly bearish US dollar sentiment that can be seen across the FX markets today coupled with the moderate Canadian dollar bullishness on oil gains, USDCAD currency pair be expected to fall further toward the next support level 1.3420 (former strong support from August).
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