USDCAD is testing the support of the upward trend line on daily chart, a clear break below the trend line support will indicate that the uptrend from 0.9632 had completed at 1.0055 already, then the following downward movement could bring price to 0.9700 area. On the upside, as long as the trend line support holds, the fall from 1.0055 would possibly be consolidation of the uptrend from 0.9632, and one more rise towards 1.0100 area to complete to upward movement is 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.
