USDCAD formed a sideways consolidation in a range between 1.2316 and 1.2673. As long as 1.2316 support holds, we’d expect uptrend to resume, and further rally towards 1.2850 zone is still in favor. However, below 1.2316 will indicate that a short term cycle top has been formed at 1.2673 already, and then pullback could be seen to 1.1950 zone.
