USD/CAD extended its downside movement from 1.3124 to as low as 1.2823, facing a key support level at 1.2803. A breakdown below this level would suggest that the uptrend from 1.2247 (Jan 31 low) had completed at 1.3124 already, then deeper decline towards 1.2650 support could be seen. Near-term resistance is at 1.2948, a breakout of this level would indicate that the fall from 1.3124 is complete, then further rise towards 1.3124 resistance could be seen.

USDCAD 4-hour chart

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