USDCAD kept tumbling in the medium and short terms, with ongoing negative pressure from the SMA for the last 50 days period, while trading along the downward trend line as shown in the attached chart, with an influx of negative signals from relative power indicators, reaching the support of 1.2977, representing the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the long term (from 1.1919 to 1.4690).

Therefore we reaffirm our negative outlook for the pair, given the negative pressures put on it, especially if it broke through the support of 1.2977, it would open the door for more losses, targeting thereafter the support of 1.2573.

Trend Bearish