USDCAD traded in a range between 1.0590 and 1.1124 for several weeks. Rise towards 1.1400-1.1500 area would more likely be seen after the sideways consolidation, and a break above 1.1124 will confirm such case. Near term support is at 1.0590, only fall below this level will suggest deeper decline to 1.0450 zone.
For long term analysis, USDCAD is long term downtrend from 1.3063 and the price action from 1.0784 is treated as consolidation of downtrend. Deeper decline is in favor, and target would be at 1.0000 zone.
