USD/CAD: Still Moving to the Downside

As I predicted yesterday, USD/CAD continued moving to the downside, eventually reaching the support at 1.4200. Not only did the pair reach that support, but it broke below it with ease and is currently testing 1.4160. If it does manage to break below that support we can expect USD/CAD to fall even lower, towards the next support at 1.4000 – 1.3980. To go back to the original question – is this the end of the bullish trend? Maybe not, but we I think we can expect a considerable correction with long-term target at 1.3700 – 1.3600, perhaps even lower than that.