USDCAD broke above the falling price channel resistance and rebounded sharply to as high as 1.0293 level. Further rally to test 1.0378 previous high resistance is still possible next week, if this resistance gives way, rise to 1.0750 area to reach the next cycle top on daily chart could be seen.
For long term analysis, USDCAD is in correction to the long term down trend. Further rise to 1.0750 to reach the next cycle top on weekly chart is now in favor.
