USDCAD fell in the short term trading, with the dominance of the downward correctional trend in the medium term within a descending price channel as shown in the attached chart, with ongoing negative pressure from the SMA for the last 50 days period, while relative power indicators reached extremely overbought levels just as the pair stopped falling a bit, indicating a venting-off of oversold saturation that was deep in relative indicators, in order to expand the losses later.

Therefore we expect more losses to come for the pair, targeting the support of 1.1251, which represents the ratio 78.6% of Fibonacci retracement levels for an ascending wave in the long term (from 1.1919 to 1.4690).

Trend Bearish