USDCAD is in downtrend from 1.0318, the price action from 0.9926 is treated as consolidation of downtrend. Resistance is now at the upper border of the price channel on 4-hour chart, as long as the channel resistance holds, downtrend could be expected to resume, and one more fall towards 0.9800 is still possible. However, a clear break above the upper line of the channel will indicate that the fall from 1.0318 is complete, then the following upward movement could bring price back to 1.0500 zone.

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