USDCAD remains in downtrend from 1.0852 and the fall extends to as low as 1.0206. Deeper decline is still in favor and next target would be at 1.0100 area. Resistance is at the downtrend line from 1.0852 to 1.0678, now at 1.0485, only a clear break above the trend line resistance will indicate that a cycle bottom has been formed on daily chart and the fall from 1.0852 is complete.
For long term analysis, USDCAD formed a cycle top at 1.0852 level on weekly chart. Rang trading between 0.9930 and 1.0852 would more likely be seen in next several weeks.
