The USD/CAD pair is losing 1.04 % at 1.3013 and a breakdown of 1.2858 (2016 low Mar.31) would expose 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16). On the flip side, the initial up barrier lines up at 1.3290 (23.6% Fibo of 1.4692-1.2858) followed by 1.3390 (200-day SMA) and then 1.3500 (55-day SMA)
The pair broke below 1.2650, the next immediate target is at 1.2600, but I think we will see it fall much lower than that level in the coming weeks. I initially thought we would see some retracement once it reached 1.2660, but apparently the bearish trend is still too strong.
USD/CAD broke below 1.2600 and continues dropping, it didn't even retrace at the support at 1.2660 which is MA89 on the weekly time frame as I thought it would. The bearish trend clearly continues and next long-term target is around 1.2000, I think.
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