USDCAD continues to fall inside the short-term corrective wave (ii), which previously broke the support trendline of the daily up channel from the start of September. The breakout of this up channel strengthened the bearish pressure on this currency pair. Given the clear daily downtrend and moderately bullish Canadian dollar sentiment seen across the FX markets today, USDCAD is likely to fall further toward the next support level 1.32000 (target price for the completion of the active correction (ii)).
