USDCAD broke above 1.3015 (Oct 28, 2008 high) resistance and reached 1.3063 only. The following pullback suggests that a cycle top is being formed on daily chart. Key support is now located at 1.2500, a break below this level will confirm the cycle top, and the following downtrend will take price back to 1.2000 zone. However, as long as 1.2500 support holds, further rally is still possible to 1.3500 and a break above 1.3063 will signal the resumption of uptrend.
For long term analysis, USDCAD remains in bullish movement. Further rise towards 1.4000 to reach the next cycle top on monthly chart is expected.