USD/CAD Is Testing the Support

 USD/CAD is currently testing the support at 1.2922, which is also the previous low the pair had reached. In my opinion, the pair is very likely to break below that level. Should this happen, we can probably expect a further move to the downside towards the next level of support, which is at 1.2640 and coincides with (MA)89 on the weekly time-frame. The question is whether the pair will be able to break below that support too, because if it does it will probably reach the monthly support at 1.2550. For now I have opened short positions, and depending on whether or not the pair breaks below 1.2922 I might open more in the future.