USDCAD currency pair can be expected to fall further toward the next support level 1.3400, which is the target price calculated for the completion of the active impulse wave 3.
- USDCAD broke support area
- Likely to fall to support level 1.3400
USDCAD currency pair recently broke the support area located at the intersection of the key support level 1.3575 (which has been reversing the price form June, as can be seen from the daily USDCAD chart below) and support trendline of the daily down channel from the end of November. The breakout of this support area accelerated the active short-term impulse wave 3, which belongs to the intermediate impulse wave (C) from the start of November.
Given the clear daily downtrend and the strongly bullish Canadian dollar sentiment seen across the FX markets today – coupled with the continued FX outflows, USDCAD currency pair can be expected to fall further toward the next support level 1.3400, which is the target price calculated for the completion of the active impulse wave 3.
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