USDCAD Analysis 09 November, 2020

• USDCAD under bearish pressure

• Likely to fall to 1.2800

USDCAD under bearish pressure following the earlier breakout of the long-term and round support level  1.3000 (which previously reversed the price sharply in January and August).

The breakout of this support level is aligned with the active multi-month downtrend from Mach – and with the short-term impulse wave (c) from the end of last month.

USDCAD is likely to fall further toward the next support level 1.2800. Strong resistance now stands at the aforementioned price level 1.3000.