US Dollar / Canadian Dollar
The USDCAD has clearly surpassed our expectations and continued to plummet, breaking below its falling trend channel. Next support is a relatively minor 78.6 percent Fibonacci retracement of the 1.0300-1.3060 move at 1.0900, while subsequent swing highs point to former resistance at 1.0820 as a potential price floor. Needless to say, price remains in heavily oversold territory and at clear risk for pullback. Yet it is imprudent to sell into such strong downward momentum, and we favor waiting for consolidation before calling for a bigger turn.
