USDCAD’s downside movement from 1.2920 extended to as low as 1.2248. Further decline towards 1.2061 support is still possible after consolidation. Near term resistance is at the top trend line of the price channel on the daily chart. A breakout of the channel resistance could bring price back to next resistance level at 1.2590, only a break of this level could signal completion of the downtrend.
