USD/CAD continues moving lower producing lower lows and lower highs. Price managed to break below the descending channel but yet has not tested nor rejected any of the support levels.
The Fibonacci applied to the channel breakout point shows that after the channel breakout price corrected up and today rejected the R1 resistance level, which is the 61.8% Fibs (1.2900)
Consider selling USD/CAD while price is near R1, targeting the nearest support area near S2 (1.2700). The stop loss should be well above R1, at 1.2950 or higher.
Support: 1.2800, 1.2700, 1.2580, 1.2380
Resistance: 1.2900, 1.3020
