USD/CAD’s bearish momentum is showing ending signals. The pair remains nonetheless in a strong downtrend. Hourly resistance given at 1.2589 (02/08/2017) has been broken. Expected to show continued consolidation above 1.2400.
In the longer term, the pair has broken longterm support that can be found at 1.2461 (16/03/2015 low) before bouncing back. Strong resistance is given at 1.4690 (22/01/2016 high). The pair should head further lower