USDCAD remains in the downtrend from 1.2943, the bounce from 1.2544 could be treated as consolidation for the downtrend.
USDCAD remains in the downtrend from 1.2943, the bounce from 1.2544 could be treated as consolidation for the downtrend. Support is at 1.2544, a breakdown below this level could trigger another downside movement towards 1.2450 area.
Near-term resistance is at 1.2625, only a break of this level could bring the price back towards the falling trend line on the 4-hour chart. Only a clear break above the trend line resistance could signal completion of the downtrend.
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