USDCAD currency pair under the strong bearish pressure today after the pair reversed down from the powerful resistance area located between the key resistance level 1.29500 (previous multi-month high from August) and the upper daily Bollinger Band. The downward reversal from the resistance level 1.29500 formed the daily Japanese candlesticks reversal pattern Shooting Star. Given the strength of the aforementioned resistance level 1.29500, bearish USD sentiment and the bearish divergence on the daily Stochastic indicator, USDCAD currency pair can be expected to fall further toward the next support level 1.27000.
