USD/CAD: sell target - 1.3200
By: Dmitriy Chernovolov
- USD/CAD reversed from resistance level 1.3400
- Next sell target - 1.3200
USD/CAD continues to fall after the earlier downward reversal from the strong resistance level 1.3400 (former strong support level which was broken by the active (c)-wave of the minor ABC correction 2 from the middle of January). The downward reversal from the resistance level 1.3400 intensified the bearish pressure on this currency pair - accelerating the active minor (c)-wave from February (which earlier broke the daily up channel from last May).
USD/CAD is likely to fall further to the next sell target at the support level 1.3200 – the breakout of which can lead to further losses toward 1.3000 (target price for the completion of the active (c)-wave).