Yesterday the pair tested the level of 1.2135 (minimum since June 2015), although till the end of the day the pair reached about 100 pips and finished the day above 1.22.
Now USD/CAD is consolidating in the range and may continue to fall. However, this will require additional incentives, for example, rising oil prices or positive statistics on the Canadian economy.
Technically, the daily close below 1.22 will strengthen the position of the bears, however, for a real falling, the pair needs to move below 1.2130/00.
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