USDCAD breaks below the rising price channel on daily chart, suggesting that a cycle top has been formed at 1.1723 level on daily chart, pullback towards 1.1000 zone is now in favor. However, the fall from 1.1723 is treated as consolidation of uptrend from 1.0784, one more rise to 1.2000 level is still possible after consolidation.
For long term analysis, USDCAD might be forming a cycle bottom at 1.0784 level on weekly chart. Rebound towards 1.2000-1.2500 area is possible in next several weeks.
