USDCAD is trading at 1.2710. Price is showing signs of weakness. Price has retraced 61.8% of the entire decline from 1.2962. Price has tested the 61.8% Fibonacci retracement twice so far and both times it got rejected.
Black lines - Fibonacci retracements
USDCAD has formed a double top around 1.2777 area and is now turning lower. Price is vulnerable to a move below 1.2640. Support is found at 1.2650. Failure to stay above this level will lead price to a new lower low most probably towards 1.2633 and 1.2550. As long as price is below 1.2780, we expect USDCAD to continue lower.
