USDCAD stays below a downward trend line on daily chart, and remains in downtrend from 1.0445. As long as the trend line resistance holds, downtrend could be expected to continue, and further decline to 0.9800 area is possible next week, only a clear break above the trend line could signal completion of the downtrend.
For long term analysis, USDCAD has formed a cycle top at 1.0445 on weekly chart. Further decline towards 0.9406 (Jul 26, 2011 low) would likely be seen over the next several months.
