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USD/CAD Outlook: Strong Bearish Signal Expected on Close Below Daily Cloud / Fibo Support at 1.3163/55

The pair extends weakness and is on track for close below cracked Fibo support at 1.3155 (Fibo 61.8% of 1.3015/1.3382) and below daily cloud base (1.3163) as bears regain control after Monday’s strong downside rejection and failure to close below cloud base.

Bearish daily studies are supportive for further weakness, as deeply oversold stochastic continues to head south and lacks any signal of consolidation / correction for now.
Last week’s long bearish candle maintains strong pressure for extension towards next significant supports at 1.3100 zone (Fibo 76.4% / weekly cloud base), however, some corrective action could be anticipated in coming sessions on oversold conditions and narrowing daily cloud (the cloud will twist next week) that could be magnetic.

Res: 1.3163; 1.3185; 1.3199; 1.3235
Sup: 1.3139; 1.3105; 1.3096; 1.3040

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