As expected, USDCAD formed a cycle top at 1.2123 on daily chart. Consolidation in a range between 1.1000 and 1.2123 could be seen in next several weeks. Key resistance is now located at 1.2123, and this level will be held until resumption of up trend.
For long term analysis, USDCAD is in bullish movement. Further rise towards 1.3500 to reach the next cycle top on monthly chart is possible.