USD/CAD broke support level 1.2420

USD/CAD broke support level 1.2420

  • USD/CAD broke support level 1.2420
  • Next sell target - 1.2100

USD/CAD continues to fall after the earlier breakout of the support level 1.2420 (which stopped the pervious minor correction 4 in October as can be seen from the daily USD/CAD chart below). The breakout of the support level 1.2420 follows the earlier breakout of the 50% Fibonacci correction level of the pervious long-term ABC correction from September. USD/CAD is expected to fall to the next sell target at the next support level 1.2100 (monthly low from September.).

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