USD/CAD resumes global downtrend

Given the almost two-month strengthening, the pair USD/CAD broke off from the level 1.2930 (Fibo. 50.0 from the April’s high) and is located below the psychology 1.3000. Now, one should expect the resumption of the overall global downward trend for this pair, which was traced from the beginning of 2016.

The two-month correction movement can be considered finished after the pair is consolidated below the level 1.2660, which will also cause the price exit from the medium-term uplink. At the moment, the resistance level is 1.2780-800. The breakthrough of this level will open the way to a significant resistance 1.2930.

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Hanzenko Anton