USDCAD currency pair recently reversed down from the resistance zone located between the key resistance level 1.28000 (which has been repeatedly reversing the price from the start of January), upper daily Bollinger Band and the 61.8% Fibonacci correction of the earlier downward impulse wave (1). Given the strongly bearish US dollar sentiment seen today, coupled with significant CAD inflows – USDCAD currency pair can be expected to fall further toward the next support level 1.26500 (low of the previous wave B from last month).
