USDCAD bounced strongly from 1.3854 to as high as 1.4132, suggesting that the downside movement from 1.4348 had completed at 1.3854 already. Further rally could be expected in a couple of days and next target would be at 1.4300 area. Near term support is at 1.4040, a breakdown below this level could trigger another fall towards 1.3850.
