USDCAD currency pair recently reversed down from the resistance area located between the key resistance level 1.23700 (former monthly low from the middle of March) and the 38.2% Fibonacci correction of the preceding downward impulse wave from the end of April. The downward reversal from this resistance area is aligned with the predominant daily and the weekly downtrends. Given the clear bullish Canadian dollar sentiment seen today – USDCAD currency pair can be expected to fall further toward the next support level 1.21000 (target price for the completion of the active impulse wave (iii)).
