USDCAD continues its downward movement from 1.0676, suggesting that a cycle top has been formed at 1.0676 level on 4-hour chart, and the uptrend from 1.0138 is complete. Key resistance is now at 1.0605, as long as this level holds, downtrend is expected to continue and next target would be at 1.0350-1.0400 area, only rise above 1.0605 resistance could indicate that the uptrend from 1.0138 has resumed, then further rally could be seen to 1.0750-1.0800 area.

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