Canadian dollar tumbles broadly as the break of 1.2913 resistance in USD/CAD spills over to other pairs. There is no apparent trigger for the selloff but markets could be positioning ahead of Trump’s announcement on Iran deal.
USD/CAD should now be heading to retest 1.3124 resistance next. And outlook will stay bullish as long as 1.2802 minor support holds.
Also, it looks like EUR/CAD’s corrective fall from 1.6151 could be completed with three waves down to 1.5315, ahead of 61.8% projection of 1.6151 to 1.5461 from 1.5712 at 1.5286, the target we mentioned here. Immediate focus is now on 1.5461 support turned resistance. Break there will affirm this case of bullish reversal and target 1.5712 resistance next.
