USDCAD is in consolidation to up trend. Key support is now located at 1.0543 level. As long as this support holds, we’d expect up trend to resume, and one more rise towards 1.1000 is still possible after consolidation. However, a break down below 1.0543 will indicate that a cycle top has been formed at 1.0727, and then pullback could be seen to 1.0400 level.
For long term analysis, USDCAD formed a long term cycle bottom at 0.9818 level on weekly chart. Further rise towards 1.1000 to reach next cycle top is still in favor.
