USDCAD remains in downtrend from 1.0445, the rise from 1.0159 is likely consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 1.0000. Key resistance is at 1.0445, only break above these levels could trigger another rise towards 1.0656 (Oct 4, 2011 high) previous high.
For long term analysis, USDCAD may be forming a cycle top at 1.04445 on weekly chart. Further decline towards 0.9406 (Jul 26, 2011 low) would likely be seen over the next several months.
