USDCAD remains in downtrend from 1.0678. The price action in the trading range between 1.0224 and 1.0388 is more likely consolidation of downtrend. Deeper decline is still in favor and next target would be at 1.0150 area. Key resistance is at 1.0388, only rise above this level will indicate that a cycle bottom has been formed, and the fall from 1.0678 is complete, then rise towards the upper border of the price channel could be seen. width=400