USDCAD is testing the resistance of the price channel. Pullback from the channel resistance to form a cycle top on daily chart is expected. Key resistance is located at 1.0242, only break above this level will signal resumption of long term up trend.
For long term analysis, USDCAD formed a long term cycle top at 1.0378 on weekly chart. Pullback to 0.9650 area to reach the next long term cycle bottom is expected.
