The USDCAD currency pair is currently in a sideways movement, trading within a range bound by 1.3495 as support and 1.3574 as resistance.
As long as the support level at 1.3495 holds, the current sideways move can be interpreted as a consolidation phase for the previous uptrend originating from 1.3092. In this context, there is a possibility of further upward movement towards the 1.3600 area once the consolidation is complete.
However, if a breakdown occurs below the support level at 1.3495, it would indicate that the upside move has already concluded at the resistance level of 1.3574. In such a scenario, the pair is likely to find support around the 1.3450 area.
To summarize, USDCAD is currently moving sideways within a trading range between 1.3495 and 1.3574. If the support at 1.3495 holds, the sideways move can be considered as a consolidation phase for the prior uptrend from 1.3092, potentially leading to a rise towards the 1.3600 area. Conversely, a breakdown below the 1.3495 support would suggest the completion of the upside move at 1.3574 and indicate support around the 1.3450 area.