USDCAD drops sharply to as low as 1.2237 and the fall from 1.2714 is treated as resumption of the medium term downtrend from 1.3063 (Mar 9 high). Deeper decline could be seen to test 1.2191 previous low support. If this level gives way, the next target would be at 1.1900-1.2000 area. Initial resistance is at 1.2380 followed by 1.2454, as long as 1.2454 level holds, we’d expect the downtrend to continue.
