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 reached sell target 1.2600
- USD/CAD reached sell target 1.2600
- Next sell target - 1.2400
USD/CAD has been falling sharply in the last few trading sessions after the recent breakout of the support level 1.2600 (which was set as the sell target in our previous forecast for this currency pair). The breakout of the support level 1.2600 accelerated the already sharp intermediate downward impulse wave (3) from June – which belongs to the primary downward impulse wave Ⓒ from the start of May. USD/CAD is expected to fall to the next sell target at the next support level 1.2400 (target price for the completion of the active wave (3)).
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.