USDCAD currency pair is under the bearish pressure after the earlier breakout of the support zone lying between the key support level 1.27650 (low of the previous minor impulse wave (i) from the middle of this month) and the 50% Fibonacci correction of the previous upward price
impulse from the end of April. Given the strongly bullish Canadian dollar sentiment seen across the FX markets – due to the oil gains, USDCAD can be expected to fall further toward the next support level 1.27200 (low of the previous waves (b) and 4).
USDCAD under the bearish pressure support level 1.27650; Likely to fall to support level 1.27200.
