USD/CAD has broken the hourly support at 1.2169 (20/05/2015 low) and declined toward the support at 1.2131 (19/05/2015 low) before bouncing back. Key resistance lies at 1.2570 (20/05/2015 low).
In the longer term, the break of the key support at 1.2352 (03/02/2015 low) indicates increasing selling pressures, which favours further medium-term weakness. As a result, a significant top has likely been made at 1.2835 (18/03/2015 high). Support can be found at 1.1731 (06/01/2015 low).