USDCAD bounced strongly to as high as 1.0523 last week. Further rise towards 1.0676 previous high is still possible later today, and pullback would more likely be seen before breaking above this level. Key support is now at 1.0500, a breakdown below this level will indicate that a cycle top has been formed on 4-hour chart, then another fall towards 1.0000 could be seen. If 1.0676 key resistance gives way, next target will be at 1.0852 (May 25 high).
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