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The USD/CAD pair plunges at the time of writing and it seems unstoppable. It's trading at 1.2695 far below today's high of 1.2793 today's high. The currency pair crashed as the CAD was boosted by the Canadian economic data while the USD was weakened by the DXY's seel-off.
The Canadian Unemployment Rate dropped unexpectedly lower from 6.5% to 5.5% far below 6.2% expected, while the Employment Change was reported at 336.6K above 132K expected. In addition, the Capacity Utilization Rate was reported at 82.9% versus 81.9% expected.
Later, the Prelim UoM Consumer Sentiment will be released and is expected at 61.4 points. It remains to see how the USD/CAD will react.
USD/CAD dropped as much as the 1.2693 level after failing to retest the downtrend line, the channel's resistance, and after registering only false breakouts above the 38.2% (1.2780). The bias remains bearish as long as it stays within the channel's body, below the downtrend line.
Now, it challenges the confluence area formed at the intersection between the 61.8% (1.2706) with the channel's downside line. A valid breakdown through this confluence area may announce a deeper drop towards the median line (ML).
The breakdown below 1.2750 former low represented a short opportunity with a first downside target at the channel's downside line. A valid breakdown below the 61.8% retracement level or through the confluence area may activate a larger drop.
A temporary rebound after the current massive drop could help the sellers to catch a new sell-off.
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