USD/CAD Began Consolidating before the Final Drop towards 1.2650

I am examining the monthly USD/CAD chart, which clearly shows that the pair will have to fall another 150 – 200 pips to the support at 1.2650, visualized by the blue line of the Bollinger Bands middle band on the same time frame.

If you look at the weekly time frame, you can clearly see that the pair has also reached the lower band of the same indicator and has begun a sideways consolidation.

The consolidation appears even more obvious on the 4-hour time frame.

In my opinion, we can expect a more long-term consolidation until the pair reaches the trendline (the red line) on the daily time frame and once it does that we will see it drop towards 1.2650 – 1.2500.