USDCAD currency pair can be expected to fall to the next support level 1.3420 (former monthly low from March).
– USDCAD broke support zone
– Likely to fall to support level 1.3420
USDCAD currency pair under the bearish pressure after the earlier breakout of the support zone located between the key support level 1.3600 (which has been reversing the pair from May, former monthly low from June, as can be seen from the daily USDCAD chart below) and the 50% Fibonacci correction of the previous sharp weekly upward impulse from last December. The breakout of this support zone accelerated the active impulse wave 3 – which belongs to the impulse wave (3) from the start of August.
Given the strength of the active impulse wave 3 and the continuation of the bullish Canadian dollar sentiment, USDCAD currency pair can be expected to fall further toward the next support level 1.3420 (former monthly low from March), target for the completion of the active impulse wave 3.
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