USDCAD under bearish pressure following the previous breakout of the key support level 1.32000 (former monthly low from February of 2019). The breakout of the support level 1.32000 accelerated the active short-term impulse waves (iii) and C. Given the clear daily downtrend, rising bearish U.S. dollar sentiment and the moderately bullish Canadian dollar sentiment seen today – USDCAD is likely to extend the losses toward the next support level 1.31000 (target price for the completion of the active impulse wave (iii)).
