USDCAD is forming sideways movement in a trading range between 1.3164 and 1.3308. Near term resistance is at 1.3308, a break through this level could take price to test the key resistance level at 1.3350. As long as 1.3350 resistance holds, the rise from 1.3164 could be treated as consolidation of the downtrend from 1.3793, and another fall towards 1.3050 is still possible after the consolidation. Near term support is at 1.3164, a breakdown below this level could signal resumption of the downtrend.
