USDCAD failed to break below 1.2355 support and stays in the trading range between 1.2355 and 1.2590, suggesting that lengthier consolidation for the downtrend from 1.2920 is needed. Sideways movement would likely be seen over the next several days. As long as 1.2590 resistance holds, the downtrend could be expected to resume after the consolidation and a breakdown below 1.2355 support could take price to 1.2200 area. Only a breakout of 1.2590 resistance could signal completion of the downtrend.
