USDCAD broke above the falling price channel on the 4-hour chart, suggesting that the downside movement from 1.3226 had completed at 1.2884 already. The pair is now facing 1.3064 resistance, a breakout of this level could trigger further upside movement to 1.3150 area. Near term support is at 1.2990, as long as this level holds, the uptrend from 1.2884 will continue.
