USDCAD’s downward movement from 1.0083 extends to as low as 0.9859. Resistance is now at 0.9930, as long as this level holds, the downtrend could be expected to continue, and next target would be at 0.9800 area. On the other side, a break above 0.9930 will suggest that a cycle bottom is being formed on 4-hour chart, then consolidation of the downtrend could be seen to follow, and the trading range would be between 0.9800 and 0.9950.
