USDCAD breaks below the support of the rising price channel, suggesting that a short term cycle top on 4-hour chart is being formed at 1.2765 level. Key support is located at 1.2400, a break down below this level will confirm the cycle top, and the following downtrend will bring price back to 1.2000 zone. Near term resistance is at 1.2765, above this level will signal further rally to 1.2900 level.
