USDCAD dropped sharply from 1.0852, suggesting that a cycle top is being formed on daily chart. Deeper decline toward the rising trend line from 0.9930 to 1.0110 is expected next week. A clear break below the trend line support will confirm the cycle top, then another fall towards 0.9930 previous low could be seen.
For long term analysis, USDCAD has formed a cycle bottom at 0.9930 level on weekly chart. Range trading between 0.9930 and 1.0900 would more likely be seen in next several weeks.
