USDCAD currency pair recently broke the combined support area located between the key support level 1.25000 (which has been reversing the price from the start of April) and the 50% Fibonacci correction of the earlier upward impulse (i) from March. The breakout of this support area accelerated the active minor corrective wave (ii). Given the strong daily downtrend and the bullish CAD sentiment seen across the currency markets today – USDCAD currency pair can be expected to fall further toward the next support level 1.23650 (low of the previous impulse wave (C) from the middle of March).