Being contained by the long term key resistance at 1.3015 (Oct 28, 2008 high), USDCAD pulls back from 1.2973, suggesting that a short term cycle top has been formed. Consolidation in a range between 1.2500 and 1.2973 is expected before breaking above 1.3015 level. Further rise would more likely be seen after consolidation, and a break above 1.3015 level will signal the resumption of the long term uptrend from 0.9056 (2007 low). However, below 1.2500 will indicate that the pair is back to range trading between 1.1464 (Nov 5, 2008 low) and 1.3015.
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