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.
