After breaking above the top trend line of the price channel on the 4-hour chart, USDCAD moved sideways in a trading range between 1.2912 and 1.3014, suggesting that consolidation for the downtrend from 1.3347 is underway. Further rally is possible and the target would be 1.3130 area. Support is at 1.2912, a breakdown below this level could trigger another fall towards, 1.2800.
