USDCAD broke down below a 4-day rising wedge (as shown on the 240 minute chart), under the 1.2562 highs (June 1/5, 2015), to expose the 1.2366 range low (June 2, 2015). A breakdown there would complete a double top at 1.2562 and weaken further towards 1.2317 (38.2% of the 1.1919/1.2562 rise). Below lies the 1.2255 support near 50% of the 1.1919/1.2562 rise and then 1.2171 near 61.8% of the 1.1919/1.2562 rise. However, back above the immediate resistance at 1.2497 then 1.2562 would defer the downside and resume the 4-week upleg from 1.1919 (May 14, 2015 low) higher.
Outlook:
Short term: bearish
Long term: bullish
Outlook:
Short term: bearish
Long term: bullish