USDCAD broke above the top trend line of the price channel on the 4-hour chart, suggesting that the downside movement from 1.3226 had completed at 1.2975 already.

Further rally is possible in a couple of days and next target would be at 1.3100 area.

Near-term support is at 1.3000, only a breakdown below this level could trigger another fall towards 1.2887 support.

USDCAD 4-hour chart

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