USDCAD stays in a trading range between 1.2413 and 1.2778. The key resistance is at 1.2778, as long as this level holds, the price action in the trading range could be treated as consolidation of the downtrend from 1.3793 (May 5 high), and further decline to 1.2300 area is still possible. Only break above 1.2778 resistance could signal completion of the downtrend.
