USD/CAD: Price action remains quite choppy, although our overall outlook is highly constructive and favors additional upside towards 1.1000 over the coming weeks. For now, the latest rallies have stalled out in familiar territory by recent range highs in the 1.0600’s and we would look to take advantage of the current dip back into the 1.0300-1.0400 area to build on long positions. Back below 1.0245 would delay outlook, while a close above 1.0700 should accelerate gains.

USDCAD stays below a falling trend line from 1.0672 to 1.0568 and is now in downtrend. As long as the trend line resistance holds, downward move is expected to continue and next target would be at 1.0250-1.0300 area.

USD/CAD: Price action remains quite choppy, although our overall outlook is highly constructive and favors additional upside towards 1.1000 over the coming weeks. For now, the latest rallies have stalled out in familiar territory by recent range highs in the 1.0600’s and we would look to take advantage of any additional declines back towards the 1.0300-1.0400 area to build on long positions. Back below 1.0245 would delay outlook, while a close above 1.0700 should accelerate gains.

USDCAD broke below 1.0471 support and the fall from 1.0672 extended to as low as 1.0380. Deeper decline would more likely be seen later today and next target would be at 1.0250 area. Resistance is at the downtrend line from 1.0672 to 1.0568, as long as the trend line resistance holds, downtrend could be expected to continue.