USDCAD recently reversed down from the resistance area located between the key resistance level 1.31000 (former strong support from December) and the 61.8% Fibonacci correction of the previous downward impulse from last month. The downward reversal from this area stopped the previous short term correction (iv). Given the strong daily downtrend – USDCAD is likely to remain under bearish pressure and fall further in the active impulse wave (v) toward the next support level 1.29600 (low of the previous short-term impulse wave (iii) from last month).