USDCAD broke above the downward trend line on 4-hour chart last Friday, suggesting that consolidation of the downtrend from 1.0568 is underway. Range trading between 1.0182 and 1.0350 would likely be seen in a couple of days. Resistance is now at 1.0350, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.0000 is still possible after consolidation. On the upside, a break above 1.0350 will suggest that the downward movement from 1.0568 had completed at 1.0182 already, then the following upward movement could bring price back to 1.0750 zone.
Provided by ForexCycle.com
