The US dollar has continued its downside push against the Canadian dollar, as the greenback keeps under pressure in early-week trade. Selling any rallies back towards or slightly above the 1.2500 level in the USDCAD pair appears to be the best strategy right now. Sustained weakness under the 1.2470 level is also likely to increase technical selling towards the USDCAD.
The USDCAD pair is only bullish while trading above the 1.2470 level, key resistance is found at the 1.2510 and the 1.2550 levels.
If the USDCAD pair trades below the 1.2470 level, sellers may test the 1.2430 and 1.2365 levels.
