• USDCAD broke key support level 1.2480
• Likely to fall to support level 1.235
USDCAD continues to fall after the price broke the key support level 1.2480 (which reversed the pair each of the last 5 trading sessions).
The breakout of the support level 1.2480 accelerated the active minor corrective wave (ii) from the middle of April.
Given the strong multi-month downtrend – USDCAD currency pair is likely to fall further toward the next pivotal support level 1.235 (monthly low from March and the target for the completion of the active wave (ii)).