Canadian Dollar Technical Outlook

If the USDCAD is breaking higher in an impulse as a terminal thrust from a triangle (that had been underway since October), then price needs to remain above 1.2348. Near term, weakness below 1.2709 looks likely but there is potential support from the 61.8% of 1.2348-1.3068 at 1.2618. This level is reinforced by a short term support line.