The US dollar currency is still sliding lower against the Canadian dollar, following Friday’s extremely strong job report from the Canadian economy. The former key swing-low for the USDCAD pair, around 1.2578, is the key trading pivot to watch in the short-term. Failure to hold the price above this key area could see the USDCAD pair falling towards key trendline support, around 1.2300.
The USDCAD pair is only bullish while trading above the 1.2578 level, key resistance is found at the 1.2600 and the 1.2710 levels.
If the USDCAD pair trades below the 1.2578 level, sellers may test the 1.2450 and 1.2300 levels.