USDCAD rebounded from 1.0206, suggesting that a short term cycle bottom is being formed on 4-hour chart. Range trading between 1.0206 and 1.0450 is expected in next several days. However, the rise from 1.0206 is treated as consolidation of downtrend from 1.0991, as long as 1.0450 resistance holds, we’d expect downtrend to resume and deeper decline towards 1.0000 is still possible after consolidation.

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