USDCAD is testing that support of the bottom of the price channel on daily chart. As long as the channel support holds, the price action from 1.3588 could be treated as consolidation of the uptrend from 1.2460 (May 3, 2016 low) and further rise to 1.3900 area could be expected after consolidation. Key support is at 1.3018, only break below this level will indicate that the uptrend had completed at 1.3598 already, then the following downward movement could bring price to 1.1200 zone.
