USDCAD rebounds from 1.1981 level. Further rise is possible to test 1.2185 key resistance, a break above this level will indicate that a short term cycle bottom has been formed on 4-hour chart and the downtrend from 1.2483 has completed at 1.1981 already. As long as 1.2185 resistance holds, we’d expect the downtrend to resume, and one more fall towards 1.1900-1.1950 area is still possible.
