USDCAD is currently exhibiting a sideways movement within a rising price channel on the 4-hour chart.
Despite being in a sideways trend, there is still potential for further upward movement, with the next target area being around 1.3350.
However, it is important to note that the price has reached the upper boundary of the channel. A breakdown below the support level at 1.3242 could potentially trigger another downward move towards the bottom of the channel.
In summary, the analysis suggests that while USDCAD is in a sideways phase within a rising price channel, there is still potential for further upside. Traders should closely monitor price action around the upper boundary of the channel and the support level at 1.3242 for potential breakout or reversal signals.