USDCAD currency pair recently broke through the support zone lying between the support level 1.25000 (which has seen reversing the price from, the start of August, as can be seen from the daily USDCAD chart below) and the 38.2% Fibonacci correction of the upward impulse from June. The breakout of this support zone accelerated the active short-term impulse wave 3. Given the strongly bullish Canadian dollar sentiment seen across the FX markets today (on strong oil gains), USDCAD currency pair can be expected to fall further toward the next support level 1.24150 (bottom of wave (4) from July and the target for the completion of the active short-term impulse wave 3).