USDCAD currency pair can be expected to fall further to the next support level 1.3800, former monthly low from November and the target for the completion of the wave (4).
- USDCAD broke support area
- Likely to fall to support level 1.3800
USDCAD currency pair under the bearish pressure after the earlier breakout of the strong support area located between the key support level 1.3935 (which has been reversing the price from the end of November) and the two support trendline of the daily down channel from the start of March, as can be seen from the daily USDCAD chart below. The breakout of this support area accelerated the active minor impulse wave v, which belongs to the C-wave of the sharp downward ABC correction (4) from the start of February.
Given the continuation of the strongly bearish US dollar sentiment seen today across the FX markets, USDCAD currency pair can be expected to fall further to the next support level 1.3800, former monthly low from November and the target for the completion of the wave (4).
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