After a sideways movement in a range between 1.0191 and 1.0378, USDCAD breaks below 1.0191 support, suggesting that the downward move from 1.0672 has resumed. Further decline is expected next week and next target would be at 1.0000-1.0100 area. Key resistance is at 1.0378, only break above this level could indicate that the fall from 1.0672 has completed.
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.
