USDCAD dropped sharply to as low as 1.2146. Near-term resistance is at the falling trend line on the 4-hour chart.
As long as the price is below the trend line, the downtrend from 1.2662 could be expected to continue and next target would be at 1.2050 area.
Only a clear break above the trend line resistance could signal completion of the downtrend.
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