USDCAD remains in downtrend from 1.0445, the rise from 1.0065 is treated as consolidation of the downtrend. Further rise to test 1.0249 key resistance is possible, as long as this level holds, we’d expect downtrend to resume, and another fall towards 1.0000 would likely be seen. On the upside, a break above 1.0249 will indicate that the downtrend from 1.0445 has completed at 1.0065 already, then the following upward movement could bring price to 1.0350-1.0400 area.
