USDCAD might be forming a cycle bottom at 0.9974 on daily chart and the rise could possibly be resumption of up trend. Further rebound is expected to test 1.0238 resistance, a break above this level will confirm the cycle bottom. However, fall below 0.9974 will indicate resumption of down trend, and deeper decline could be seen to 0.9900 level.
For long term analysis, USDCAD is forming a long term cycle bottom at 0.9818 level on weekly chart. Key resistance is located at 1.0322, a break of this level will confirm the cycle bottom.
