USDCAD Wave Analysis 11 February, 2021

• USDCAD under bearish pressure

• Likely to test support level 1.2600

USDCAD currency pair under bearish pressure after the price broke the support level 1.2710 (low of the daily Bullish Engulfing from the end of January) standing close to the 61.8% Fibonacci correction of the upward impulse (i).

The breakout of the support level 1.2710 accelerated the active short-term ABC correction (ii) from the start of February.

Given the predominant downtrend – USDCAD can be expected to fall further toward the next support level 1.2600 (monthly low from January and the target for the completion of the active correction (ii)).