USD/CAD Price Analysis: Bears moving in for a test of 1.29 the figure

• USD/CAD bears are trying to take charge in Asia.
• There has been a meanwhile offer into the lows teens of the 1.29 handle. 

USD/CAD is on the offer in the Asian session and is moving in to test the commitments towards 1.29 the figure, but so far stalling around 1.2913 after sliding some 0.13% from 1.2947 earlier.

The following illustrates the downside potential from a daily perspective if 1.2900 were to break:

USD/CAD daily chart

The daily chart shows that the price has rallied into a wall of resistance. This would be expected to hold initial tests and lead to a downside correction.  

USD/CAD 5-min chart

USD/CAD has started to recover as it attempts to correct the strong sell-off that occurred in recent trade.