The US dollar currency has staged a short-term range break against the Canadian dollar as the greenback comes under increasing selling pressure. The break of the 1.2600 support level marked the range break and places the 1.2550 level as the next bearish target. A notable triangle pattern breakout is also in play and has the potential to send the USDCAD pair towards the 1.2500 level.
The USDCAD pair is only bullish while trading above the 1.2650 level, key resistance is found at the 1.2700 and the 1.2740 levels.
If the USDCAD pair trades below the 1.2650 level, sellers may test the 1.2550 and 1.2500 levels.
