• USDCAD reversed from resistance zone
• Further losses likely toward 1.3180
USDCAD recently reversed down sharply from the resistance area lying exactly at the intersection of the resistance level 1.3350 (which stopped the previous impulse waves 3 and (1) in August), upper daily Bollinger
Band and the 61.8% Fibonacci correction of the previous sharp downward impulse wave (C) from May. The downward reversal from this resistance area started of the active short-term impulse wave (C). With the moderately bearish USD sentiment seen across the markets, USDCAD today is likely to extend the losses toward the next support level 1.3180 (low of the previous shot-term correction 4 and the forecast for the completion of the active ABC correction (2)).
