Being contained by 0.9799 (Apr 27 low) support, USDCAD rebounds from 0.9842, suggesting that a cycle bottom has been formed on 4-hour chart. Further rally could be expected over the next several days, and the target would be at 0.9950-1.0000 area. However, the rise from 0.9842 is treated as consolidation of the longer term downtrend from 1.0445 (Jun 4 high), another fall towards 0.9600 is still possible after consolidation, and a breakdown below 0.9842 could signal resumption of the downtrend.
