USDCAD stays below the falling trend line from 1.2265 to 1.1898 and remains in downtrend from 1.2265. The 1.1761 (Jan 6 low) support is broken below. Further fall is still in favor. The next target will be at 1.1500 zone. Initial resistance is at the falling trend line, and key resistance is now at 1.1898, only rise above this level will indicate that a short term cycle bottom has been formed, and consolidation of the downtrend from 1.2504 could be seen to follow.
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