USDCAD remains in downtrend from 1.0523. The rise from 1.0051 would possibly be consolidation of downtrend. Another fall could be expected after consolidation, and next target would be at 0.9800 area. Resistance is now at 1.0260, as long as this level holds, downtrend will continue.
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.
