USD/CAD rallied significantly this week but with a rebound in market sentiment, the pair posted its first weekly decline after seven consecutive gains. Bears took control of the price from the 1.298 level after Canada reported the Consumer Price Index (CPI) data. The annual CPI landed at 6.8%, slightly higher than the market expectations of 6.7%. The USD/CAD seems to be facing a couple of key resistance levels on the daily chart. A new weekly low is formed near the nine-day exponential moving average at the 1.277 level. If we break below this low then the prices may continue to go lower in the next few trading sessions.
