USDCAD’s bearish movement from 1.3347 extended to as low as 1.2580, facing an important support level at 1.2460 (May 2016 low). The first resistance level is at 1.2701, as long as this level holds, the bearish movement could be expected to continue and further decline towards 1.2460 is still possible. On the upside, a break above 1.2701 resistance could take price to the key resistance at 1.2770, above this level could signal completion of the downtrend, then the following correction rebound could bring price into 1.3150 zone.
