By USDCAD currency pair can be expected to fall further to the next support level 1.3800 – former support from the end of May.
USDCAD broke support zone
Likely to fall to support level 1.3800
USDCAD currency pair recently broke the support zone lying at the intersection of the support level 1.3960 (former multi-month high from March) and the 38.2% Fibonacci correction of the previous sharp upward impulse wave from the start of May. The breakout of this support area accelerated the active intermediate impulse wave (C), that belongs to the primary ABC correction (2) from the end of June.
Given the strength of the active impulse wave (C) and the bearish US dollar sentiment seen across the FX markets today, USDCAD currency pair can be expected to fall further to the next support level 1.3800 – former support from the end of May.
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