USDCAD remains in downtrend from 1.0445, the rise from 0.9632 is treated as consolidation of the downtrend. Range trading between 0.9632 and 0.9900 would likely be seen over the next several days. Downtrend could be expected to resume after consolidation, and a breakdown below 0.9632 could trigger another fall towards 0.9500.
For long term analysis, USDCAD had formed a cycle top at 1.0445 on weekly chart. Further decline towards 0.9406 (Jul 26, 2011 low) would likely be seen over the next several months.
