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Fan Yang

USD/CAD To Test Key Support Just Under 1.20

USD/CAD continues to fall sharply, breaking into lows not seen since 2015. However, as price approaches 1.20, we should start anticipating support. 

USD/CAD Weekly Chart

(click to enlarge)

Bearish Correction:
- We can see on the weekly chart, that price has been essentially in a bearish correction mode since a high of 1.4690 in early 2016. 
- So far, it looks like an ABC correction. 
- Let's say wave C, the current bearish swing, is projected with the same length of wave A, the one in the first half of 2016. This projection would reach 1.16 and maybe a little lower.
Support:
- However, there is going to be a critical support in the 1.19-1.20 area. 
- Other than being a psychological level (1.20), we can see that there wasa support pivot just above 1.19 from 2015. 
- I think we should anticipate some support here, but limit the bullish outlook to 1.24, around a previously key support. 

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