USDCAD broke below the lower boundary of the price channel on 4-hour chart. However, the price action from 1.0673 is still treated as consolidation of uptrend from 1.0138. Now the pair may be forming a cycle bottom at 1.0484 level on 4-hour chart, key resistance is at 1.0600, above this level will confirm the cycle bottom, then another rise to 1.0750-1.0800 could be seen.

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