USD/CAD Finally Reached 1.2660

Reaching that level seemed almost inevitable and today it finally happened – the pair finally fell all the way to the support at 1.2660, which coincides with (MA)89 on the weekly time frame, and even managed to break another 20 pips below that level. The question is, what follows next? USD/CAD could possibly bounce off the support and start retracing back to the resistance at 1.2900. On the other hand, if the break below 1.2660 is confirmed, the move to the downside could continue towards the next long-term support level at 1.1500, which coincides with (MA)89 on the monthly time-frame. For now I intend to wait and see how the pair will behave at the current support level.