USDCAD’s bounce from 0.9406 extended to as high as 0.9852, suggesting that lengthier consolidation of the long term downtrend from 1.0852 (2010 high) is underway. Further rise is still possible next week, and next target would be at 1.0000 area.
For long term analysis, USDCAD is in consolidation of downtrend from 1.0852. Sideways movement in a range between 0.9406 and 1.0200 would likely be seen.
