USDCAD is facing the support of the upward trend line on daily chart, a clear break below the trend line support will indicate that a cycle top has been formed at 1.0055, and the upward movement from 0.9632 has completed, then the following downward movement could bring price to test 0.9632 support. On the upside, as long as the trend line support holds, the uptrend could be expected to resume, and one more rise towards 1.0100 is still possible.
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.
