USD/CAD Pair Is Currently Consolidating Losses From The 1.2632 Low

Technical analysis of Forex market

The US Dollar started a major decline from well above the 1.2800 level against the Canadian Dollar. The USD/CAD pair traded below the 1.2720 support zone to move into a bearish zone.

There was a close below the 1.2700 level and the 50 hourly simple moving average. The pair traded as low as 1.2632 and is currently consolidating losses.

On the upside, an initial resistance is near the 1.2660 level. There is also a key bearish trend line forming with resistance near 1.2665 on the hourly chart. A clear break above the 1.2665 resistance could set the pace for a larger increase towards the 1.2720 level.

On the downside, the pair is finding bids near the 1.2635 level. Any more losses might lead USD/CAD towards 1.2600 on FXOpen. The next major support could be near the 1.2550 level.