USDCAD bounced from 0.9725, suggesting that a cycle bottom has been formed on 4-hour chart. Further rise could be seen in a couple of days, and target would be at the upper border of the price channel, now at 0.9895. As long as the channel resistance holds, the bounce from 0.9725 is treated as consolidation of downtrend from 1.0009, and one more fall towards 0.9600 is still possible after consolidation. However, a clear break above the channel will indicate that the fall from 1.0009 has completed at 0.9725 already, then further rise towards 1.0009 previous high could be seen.

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