USDCAD fails to test 1.3015 resistance and pulls back from 1.2984 level. Deeper decline could be seen to 1.2000 zone. Sideways consolidation in a range between 1.1464 and 1.3015 is expected in next several weeks. Only rise above the key resistance of 1.3015 will signal further rally to 1.4000 zone.
For long term analysis, USDCAD remains in bullish movement. Further rise towards 1.4000 to reach the next cycle top on monthly chart is possible.
