USDCAD currency pair recently reversed down from the resistance zone lying between the key resistance level 1.27700 (which has been reversing the pair from December), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward ABC correction 2 from the middle of December. The downward reversal from this resistance zone stopped the previous short-term impulse wave (iii) from the start of February. Given the strength of the aforementioned resistance zone and the strong CAD inflows that can be seen across the currency markets today, USDCAD currency pair can be expected to fall further toward the next support level 1.26500 (low of waves (a) and (ii))
