USDCAD extended its downside movement from 1.2916 to as low as 1.2666, facing the bullish trend line on its daily chart. Near term resistance is at the falling trend line on the 4-hour chart. As long as the price is below the trend line, the downside movement could be expected to continue and further decline towards 1.2433 support is still possible. On the upside, a clear break above the trend line resistance will signal completion of the downtrend, then the following upside movement could bring price back to next resistance level at 1.2819, above this level would aim 1.2916.
