USD/CAD Next Month Outlook - ranging within Fibo resistance and reversal support

W1 price is above 200 period SMA (200 SMA) and above 100 period SMA (100 SMA) for the primary bullish market condition with the secondary ranging between key support level at 1.2122 and Fibo resistance level at 1.3456:

• "USD/CAD has plummeted from several pips shy of the long term Fibonacci retracement at 1.3462 (61.8% retracement of 2002-2007 decline)."
• "The current juncture, defined by the March high at 1.2834 and a slope level near 1.2720, could influence for a bounce but the larger trend has changed."
• Key support at 1.2122 is the breakdown level - if the price breaks this level so we may see good breakdown of the price movement with the possible bearish reversal.
  

Trend:

• W1 - ranging bullish
  
• MN1 - bullish