The Canadian dollar continues to slide lower against the US dollar as oil prices remain at elevated levels and the greenback losses ground commodity-related currencies. The Parabolic SAR indicator on the four-hour time frame shows that a sell signal is in place while the USDCAD trades below the 1.2705 level. Additionally, the four-hour time frame shows that a trendline breakout has taken place, following the recent move under the 1.2685 level.
The USDCAD pair is only bearish while trading below the 1.2705 level, key support is found at the 1.2590 and 1.2560 levels.
The USDCAD pair is only bullish while trading above the 1.2705 level, key resistance is found at the 1.2750 and 1.2820 levels.
