USDCAD breaks below 1.2501 key support, suggesting that a short term cycle top has been formed at 1.2714 level on 4-hour chart. Deeper decline could be seen to retest 1.2091 previous low support in next several days. Initial resistance is located at 1.2480, as long as this level holds, we€™d expect the short term downtrend from 1.2714 to continue.