USDCAD exhausts its positive chance – Technical Analysis – 09-10-2015

The USDCAD declined yesterday affected by breaking the short term bullish trend line that appears on chart, with negative pressure from the moving average 50, to approach from the key support 1.2948, this level represents 38.2% Fibonacci for the bullish wave from 1.2635 to 1.3456, while this level represents the last positive chance for the pair.

Therefore, we will stay aside now waiting to monitor the price behavior according to 1.2948 level, as breaking this level followed by closing below it will hint more decline, targeting 1.2790 that represents 50% Fibonacci level for the above mentioned bullish wave.