The Canadian dollar consolidated after Canada’s GDP showed signs of slowing down in May. A series of lower lows and a fall below the daily support at 1.2840 further weighed on short-term sentiment. A bearish MA cross on the daily chart suggests possible acceleration to the downside. 1.2750 is the Chartnext support and its breach could trigger a deeper correction towards 1.2600. 1.2860 is the first resistance ahead after a short-lived bounce and the bulls will need to clear 1.2940 before a meaningful recovery could take shape.
