USDCAD dropped sharply from 1.0779, taking price back to range trading between 1.0206 and 1.0852. A cycle top has been formed at 1.0779 level on 4-hour chart. Deeper decline to 1.0300-1.0350 is expected in a couple of weeks.
For long term analysis, USDCAD had formed a cycle bottom at 1.0206 level on weekly chart. Range trading between 1.0206 and 1.0852 would more likely be seen in next several weeks.
