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 after the recent breakout of the key support level 1.2770 (former pivotal resistance level from August). The breakout of the support level 1.2770 accelerated the active minor impulse wave 1 – which belongs to the intermediate impulse (3) – which started previously from the resistance zone lying between the 200-day moving average and the round resistance level 1.3000. 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.