USDCAD extended its bullish movement from 1.2061 to as high as 1.2493, breaking above the top trend line of the price channel on the daily chart. Near term support is at the rising trend line on the 4-hour chart. As long as the price is above the trend line, the upside move could be expected to continue and next target would be at 1.2700 area. Key support is at 1.2327, only a breakdown below this level could indicate that the uptrend is complete, then the following downside movement could take price to test 1.2061 support.
