As expected, USDCAD breaks below 0.9756 previous low. The rebound from 0.9709 is treated as consolidation to the down trend. Further fall to test 0.9056 (Nov 2007 low) is expected after consolidation. Near term resistance is at 1.0198, only break of this level will signal the resumption of the up trend.
For long term analysis, USDCAD formed a long term cycle top at 1.0378 on weekly chart. Pullback to test 0.9056 (Nov 2007 low) is expected.
