USDCAD kept falling in the intraday levels, piercing the important support of 1.2977 previously, which represents the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the long term (from 1.1919 to 1.4690), with ongoing negative pressure from the SMA for the last 50 days period, coupled with an influx of negative signals from relative power indicators.

Therefore we expect more losses to come for the pair, targeting the support of 1.2572, representing the ratio 76.4% of the same retracement levels mentioned earlier.

Trend Bearish