USDCAD breaks above 1.0933 key resistance, suggesting that a cycle bottom has been formed at 1.0632 level on daily chart. The pair is now in uptrend and further rise to 1.1550-1.1600 area is expected. Near term support is at 1.0632, only fall below this level will indicate that the downtrend from 1.1723 has resumed.
For long term analysis, USDCAD breaks below 1.0784, suggesting the long term downtrend from 1.3063 has resumed. Deeper decline is now in favor, and next target would be at 1.0000 zone.
