USDCAD had formed a cycle bottom at 0.9891 on daily chart. Further rise is expected after a minor consolidation, and target would be at 1.0400 area. However, the rise would possibly be correction of downtrend from 1.0656, another fall towards 0.9406 is still possible after correction.
For long term analysis, USDCAD had formed a cycle top at 1.0656 on weekly chart. Further fall towards 0.9406 previous low could be seen over the next several weeks.
