USDCAD: Bearish bounce from the 1.2600

The USDCAD is showing us another bounce from the 1.2600 to the downside and a possible visit to the 1.2400 level. If we take a closer look at the daily chart of the USDCAD, we can notice that the pair has been trading within a range with the 1.2400 as support and the 1.2800 as resistance. We can also notice that when the price breaks above the 1.2600 level, it tends to go visit the 1.2800, but when it bounces from that level to the downside, it tends to go visit the 1.2400 level. That is why there is a good probability that the price may visit the 1.2400 level again, due to the fact that it is currently bouncing to the downside from the 1.2600 level.