No changed in our view, USDCAD remains in downtrend from 1.0055, the rise from 0.9824 would possibly be correction of the downtrend. Key resistance is at 1.0055, as long as this level holds, the downtrend could be expected to resume, and another fall towards 0.9500 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.
