USDCAD is in consolidation to the long term down trend. Further rebound to test the resistance of the down trend line from 1.0378 to 1.0198 is still possible next week. Down trend will resume after consolidation and further fall to test 0.9056 (Nov 2007 low) is expected after consolidation, and a break down of 0.9709 previous low support will confirm such case.
For long term analysis, USDCAD formed a long term cycle top at 1.0378 on weekly chart. Pullback to test 0.9056 (Nov 2007 low) is expected.
