Being supported by 0.9930 previous low, USDCAD traded in a range between 0.9977 and 1.0378. The price action in the trading range is likely forming a double bottom pattern. Another rise to test 1.0378 key resistance is expected next week, a break above this level could target 1.0600 area. Key support is at 0.9930, only break below this level could trigger another fall to 0.9500 zone.
For long term analysis, USDCAD may be forming a cycle bottom at 0.9977 level on weekly chart. Key resistance is at 1.0378, a break above this level will confirm the cycle bottom.
