USDCAD moved sideways in a range between 0.9977 and 1.0378 for several weeks. Now the pair is facing 0.9977 support, below this level will indicate that downtrend has resumed, and the target would be at 0.9700-0.9800 area.
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.
