The USD/CAD pair turned bearish after staying a while in a neutral stance in the 1.2300 region. Sellers regained control on Thursday and led the pair out of the range. They pushed the price to 1.2250 which tested in the Asian session. Bears failed to reclaim the level which appeared to be a hard nut to crack. The pair rebounded from the handle in the morning and reversed to 1.2350. The resistance is at 1.2350, the support stands 1.2300.
We are still bearish near-term. We are waiting for a break below 1.2250 now. After breaking this level the 1.2200 handle will come back to the radar.