USDCAD breaks above 1.2541 key resistance, suggesting that a short term cycle bottom has been formed at 1.2356 level on 4-hour chart. Further rally is still possible to test 1.2672 previous high resistance. A break above this level will signal further rise to 1.2900 zone. Key support is now at 1.2356, below this level will indicate that the uptrend from 1.2024 (Jan 28 low) has completed and the following downtrend will take price back to 1.1900 area.
