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The USD/CAD pair dropped today despite the Dollar Index has tried to resume its rebound. The pair stands at 1.2324 level above 1.2311 former low. The bias remains bearish as the price stands below strong upside obstacles.
The loonie is still strong versus the greenback after the Canadian Consumer Price Index registered 0.2% growth in September versus 0.1% growth expected. In addition, the Core CPI rose by 0.3% in September versus only a 0.2% increase in August.
As you already know, USD was punished by the Building Permits and by the Housing Starts in yesterday's session. Tomorrow, only the Unemployment Claims may save the American currency from the downside.
USD/CAD failed to stay above the 150% Fibonacci line signaling strong sellers. Now it has retested this line confirming it as a dynamic resistance. The weekly S1 (1.2296) is seen as a potential near-term target, a support level.
After dropping below the 1.2422 level, the USD/CAD was expected to develop a larger drop. Also, as you already know, the Head & Shoulders pattern signaled a strong decline. Technically, the reversal pattern signaled a potential drop towards the 1.2100 psychological level.
Stabilizing under the 150% Fibonacci line signals further drops. The warning line (wl1) and the weekly S1 (1.2296) are seen as immediate targets. Also, 1.2203 is seen as an important downside obstacle.
Failing to reach and retest the 1.2422 former support level signaled a larger downwards movement.
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