The US dollar is vulnerable to further losses against the Canadian dollar currency after the pair was once again rejected above the 1.2100 level. The one-hour time frame also shows that a bearish triple-top pattern has formed, following price failures around the 1.2140 level. USDCAD bears may look to sell any moves back above the 1.2100 level in expectation of a reversal back towards the 1.2040 area.
The USDCAD pair is only bullish while trading above the 1.2090 level, key resistance is found at the 1.2105 and the 1.2120 levels.
If the USDCAD pair trades below the 1.2090 level, sellers may test the 1.2060 and 1.2040 levels.
