The USDCAD pair has recently broken above the falling price channel on the 4-hour chart, indicating a reversal of the downtrend that started from the 1.3667 high. The pair has been in a downtrend since late April, and the break above the falling price channel is an indication that the recent downside movement has completed at the 1.3314 level.
The upside potential for the USDCAD pair is now open, and a further rally may be expected. The next target for the pair is the 1.3667 resistance level. However, the near term support levels at 1.3527 and 1.3475 should be monitored, and a break below these levels could trigger another fall towards 1.3300.