USDCAD is facing an important support level at 1.2460 (May 2016 low). Near term resistance is at 1.2701, a break above this level could take price to the key resistance at 1.2770 a break of this level will indicate that the downtrend from 1.3347 had completed at 1.2578 already, then the correction rebound could bring price to 1.3150 area. On the downside, as long as 1.2701 resistance holds, the downtrend could be expected to continue and further decline towards 1.2460 support is still possible.
