USD/CAD broke above the falling price channel on the 4-hour chart, suggesting that the downside movement from 1.3226 had completed at 1.2884 already. The pair is now facing 1.3064 resistance, a breakout of this level could trigger further upside movement to 1.3150 area. Near term support is at 1.2990, as long as this level holds, the uptrend from 1.2884 will continue.

USDCAD 4-hour chart

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