The US Dollar declined sharply towards the 1.2420 level against the Canadian Dollar and found support. The USDCAD pair recovered from the 1.2418 swing low above the 23.6% Fib retracement level of the last decline from the 1.2575 high to 1.2418 low.
However, there is a major bearish trend line at 1.2485 on the hourly chart along with the 100 simple moving average. The 38.2% Fib retracement level of the last decline from the 1.2575 high to 1.2418 low at 1.2480 is also acting as a hurdle.
As long as the pair is below the 1.2480-95 area, it remains in the bearish zone. Only a close above the 100 SMA could take the pair above 1.2520.