USDCAD failed to break below 1.2355 support and stayed in a trading range between 1.2355 and 1.2590. The sideways movement is likely consolidation of the downtrend from 1.2920. As long as 1.2590 resistance holds, the downside movement could be expected to resume and a breakdown below 1.2355 support could take price to 1.2200 area. Only a breakout of 1.2590 resistance could signal completion of the downtrend.
