Yesterday the USD/CAD traded in different directions in the range С$1.2455-С$1.2520 and closed the day without significant changes. Today it also traded in a narrow range of C$1.2495-25, staying close to a 9-week low. On the hourly chart, USD/CAD is still trading below the MA (200) H1 moving average line (С$1.2650). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the USD/CAD remains below MA 200 H1, it may be necessary to look for entry points to sell for the formation of a correction.
Resistances levels are at: С$1.2575, С$1.2665, С$1.2695
Support levels are at: С$1.2455, С$1.2425, С$1.2390
Probably, the main scenario is continued decline towards C$1.2455 (Jan 13 low). An alternative scenario is a consolidation above the MA (200) H1 with subsequent growth to С$1.2810 (Jan 6 high).
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