CAD – USD/CAD breaks below 1.40 and continues to weaken

USD/CAD broke below the 1.40 level last Friday and has continued to test lower this week, currently holding just above the 100-day moving average. If it breaks further below the 100-day MA at 1.3910, the weakness is likely to persist, with downside targets at 1.38 and 1.3760, followed by 1.3640 and 1.3550. Resistance is seen at 1.3960 and 1.4030, with stronger resistance expected around 1.4080 to 1.4130.

Forecast range:
Resistance: 1.3960 – 1.4030 – 1.4080 – 1.4130  
Support: 1.3910* – 1.3800 – 1.3760 – 1.3640

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