The US dollar is starting to turn lower against the Canadian dollar again after the pair run into hard resistance just above the 1.2140 resistance level. A bearish double-top pattern formation is starting to take shape across the lower time frame which may signal further downside. A sustained breakout below the 1.2028 support level could cause a sharp decline towards the 1.1980 area.
The USDCAD pair is only bullish while trading above the 1.2028 level, key resistance is found at the 1.2120 and the 1.2150 levels.
If the USDCAD pair trades below the 1.2028 level, sellers may test the 1.2012 and 1.1980 levels.
