USDCAD’s upward move extended to as high as 1.0265. Further rise is still possible in a couple of weeks, and target would be at 1.0400. Key support is at 1.0050, a breakdown below this level will indicate that a cycle top has been formed at 1.0265 on daily chart, then another fall towards 0.9406 could be seen to follow.
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.
