After a sideways consolidation, USDCAD broke out of 1.2598 resistance and continued its upside movement from 1.2061, and the rise extended to as high as 1.2640. The key support remains at 1.2433, as long as this level holds, the uptrend could be expected to continue and next target would be at 1.2778 (Aug 15 high). However, a breakdown below 1.2433 level will confirm that the upside movement is complete, then the pair would find next support at 1.2300, followed by 1.2061.
