USDCAD continued its downward movement from 1.3347 and the fall extended to as low as 1.2971, facing the important support level of 1.2968 (Jan 31 low). Near term resistance is at 1.3045, as long as this level holds, the downtrend could be expected to continue and next target would be at 1.2800 area. On the upside, a break above 1.3045 resistance will indicate that consolidation for the downtrend is underway, then the following rebound could bring price back into 1.3100 zone.
