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USD/CAD Looks Like it Will Test 1.20

USD/CAD has been in a sharp bearish run since failing to tag 1.38 in May. It closed last week 7/28 below the 2016 low of 1.2460 and is showing no sign of slowing down.

USD/CAD Weekly Chart

(click to enlarge)

As price continues to slide let's examine 3 different downside tarets:
1) 1.24: Price is clearing the 2016 low, but will face the 200-week simple moving avearge (SMA) around 1.24. With the weekly RSI already at oversold condition, 1.24 might offer some support.
2) However, with price so close to 1.24 already and with no signs of slowing, there might be more downside risk. The 1.19-1.20 area is key support/resistance pivot area. 1.20 is also a psychological level. To me, the USD/CAD has downside to 1.19-1.20.
3) An ABC projection would target the 1.16 area. This is a projection that assumes wave C (current wave) is similar to wave A (the dip in early 2016).