USDCAD's Bearish Reversal Now Confirmed
The USDCAD started falling after FED's December policy decision. The reversal was elucidated by the breakdown below the ascending channel and the 38.2 per cent Fibonacci retracement level at 1.28117.
The next target for the new downtrend is the 61.8 per cent Fibonacci at 1.27336, with the intermediate support level at 1.27500. The latter is underscored by the crossover between the 100-day MA (in blue) and 200-day MA (in orange).
If the price action manages to close below the two, the next target for the downtrend would be the previous swing low at 1.26100.
The next target for the new downtrend is the 61.8 per cent Fibonacci at 1.27336, with the intermediate support level at 1.27500. The latter is underscored by the crossover between the 100-day MA (in blue) and 200-day MA (in orange).
If the price action manages to close below the two, the next target for the downtrend would be the previous swing low at 1.26100.
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