USDCAD remains in downtrend from 1.3063. More quick moves towards 1.0700 is expected in a couple of weeks. Initial resistance remains at the falling trend line from 1.2504 to 1.1813. As long as the trend line resistance holds, we’d expect the downtrend to continue.
For long term analysis, USDCAD has formed a cycle top at 1.3063 level on weekly and monthly chart. The pair is now in long term bearish movement. Further fall towards 1.0500 is expected in next several weeks.
