Wednesday, April 15, 2015

USD/CAD: Bearish breakdown of the 1.2400 level

The US Dollar versus the Canadian Dollar had been trading within a range between the 1.2400 and the 1.2800 levels. Today we saw that the pair finally broke below the 1.2400 and moved 100 pips to the downside to reach the 1.2300 level. The 1.2300 level could act as a support zone, but it seems like the bearish momentum has accelerated and we could see a continuation to the 1.2200 level. A visit to the 1.2200 level could cause the price to bounce from there to the upside.


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