No changed in our view, USDCAD is in consolidation to the down trend. Further rebound to test the resistance of the down trend line from 1.0378 to 1.0198 is still in favor. Down trend will resume after consolidation and further fall to test 0.9056 (Nov 2007 low) is expected after consolidation.
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.
