USDCAD: More bearishness in store
The daily studies of USDCAD pair show that, the pair has been topped out in the 1.2835 zones, where it started to plummet, breaching through the key support level-turned into resistance- at 1.2350.
Actually, prices have entered a free-fall zone following this sustained breakout, while bears aim to challenge areas below 1.20 psychological.
Subtracting the distance between the short-term highs and the breakout zone from 1.2350 points at 1.1915 to be the technical objective of the current bearishness.
Coming beneath the lower line of Keltner channel, is another negative catalyst that should assist bears to resume their southern trip.
Potential fluctuation could be seen to relieve RSI14, but we don’t think it can change the direction.
Click to see how Poloz added further strength to Canadian dollar against U.S. dollar