USDCAD formed a cycle top at 1.0749 level on 4-hour chart. Sideways movement in a range between 1.0533 and 1.0749 is expected. As long as 1.0533 support holds, the price action from 1.0749 is treated as consolidation of uptrend from 1.0110, and one more rise towards 1.0850 resistance is still possible, however, a breakdown below 1.0533 will indicate that the rise from 1.0110 has completed at 1.0749 already, then another fall towards 0.9930 (Apr 21 low) could be seen. 20100525_usdcad_1.gif