USDCAD failed to break below 0.9930 previous low and rebounded strongly from 0.9979, suggesting that a cycle bottom has been formed on daily chart. Further rally is expected in a couple of weeks and first target would be at 1.0600 area.
For long term analysis, USDCAD may be forming a cycle bottom at 0.9979 level on weekly chart. Key resistance is at 1.0378, a break above this level will confirm the cycle bottom.
