There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
USD/CAD broke key support level 1.2770
- USD/CAD broke key support level 1.2770
- Next sell target - 1.2600
USD/CAD continues to fall sharply inside the minor impulse wave 5 which belongs to the strong intermediate downward impulse wave (3) from the start of June. The price earlier broke through the round support level 1.3000 and more recently – it broke through the key support level 1.2770 (low of the previous minor correction 2 from August of 2016). Both of these support breakouts strengthened the bearish pressure on this currency pair. USD/CAD is expected to fall to the next sell target at the next support level 1.2600.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.