USDCAD’s downward move from 1.0672 extended to as low as 1.0191. Key resistance is now at 1.0378, as long as this level holds, downtrend from 1.0672 is expected to continue and one more fall towards 1.0107 support is possible next week. On the other side, the pair may be forming a cycle bottom at 1.0191 level on daily chart, a break above 1.0378 key resistance will confirm the cycle bottom and indicate that the fall from 1.0672 has completed, then another rise to re-test 1.0676 resistance could be seen.
For long term analysis, USDCAD formed a cycle top at 1.0852 level on weekly chart. Rang trading between 0.9930 and 1.0852 would more likely be seen in next several weeks.
