USDCAD’s bounce from 0.9930 extends to as high as 1.0735 level. Further rally towards 1.1000 is still possible in a couple of weeks, a break above this level will indicate that the long term downtrend from 1.3063 (Mar 9, 2009) has completed at 0.9930 already.
For long term analysis, USDCAD has formed a cycle bottom at 0.9930 level on weekly chart. Range trading between 0.9930 and 1.1000 would more likely be seen in next several weeks.
