USDCAD is now in downtrend from 1.2662. Range trading between 1.2339 and 1.2500 would likely be seen in a couple of days. Near term resistance is at 1.2500. As long as this level holds, the downside movement could be expected to continue and next target would be at 1.2050 area. Only break above 1.2500 resistance could bring price back towards 1.2778.
