USDCAD’s fall from 0.9912 extended to as low as 0.9520. Further fall to test 0.9444 previous low support is still possible next week, a breakdown below this level will indicate that the long term downtrend from 1.0852 (2010 high) has resumed, then next target would be at 0.9000 area.
For long term analysis, USDCAD formed a cycle top at 0.9912 on weekly chart. Further fall to 0.9000 area to reach next cycle bottom is expected.
