USDCAD currency pair rebounded yesterday morning from the first resistance, which is located at 1.3223 (line 7/8 MM Lines). Declines led the price to support from MM Lines at 1.3138 (line 1/8) and there appeared timid correction, which has so far defeated only two octaves.
At resistance on 3/8 line, which coincides with the 20-period SMA appeared to bearish pin bar indicating the likelihood of reversal and return to yesterday’s landslides. The next target for the decline is a retest 1/8 line at 1.3138, while you can also still aim octave below to a level of 1.3123 (0/8 Murrey line).
