USDCAD Weekly Analysis – Sunday, Oct.28

USDCAD broke above the bearish trend line on the daily chart, suggesting that the downside movement from 1.3385 had completed at 1.2782 already.

A further rise is still possible and next target would be at 1.3300 area. Near term support is at 1.2960, only a breakdown below this level could trigger another fall towards 1.2700.