USDCAD’s bearish movement extended to 1.2483

[forexcycle]

USDCAD’s bearish movement from 1.3347 extended to as low as 1.2483, facing the import support at 1.2460 (May 2016 low). Near term resistance is at the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue. Key resistance is at 1.2608, only a break above this level will indicate that the downtrend had completed at 1.2483 already, then the following correction rebound could bring price into 1.2800 zone.