Bearish BREAKS continue
As per the prior post, the USDCAD has been stepping lower and breaking technical levels in the process.
Another one (i.e. level) bites the dust.
This one is the 61.8% at 1.2581. The price has moved to a new low of 1.2556.
Part of the catalyst was the holding below the broken trend line and 200 day MA at the 1.2616-29 area. The high price reached 1.2622 - between the levels. Staying below, kept the bears in control.
The door remains open for more downside. The 1.2527 and 1.2450 are targets now. Close risk is now the 61.8% at 1.25812..
