The USDCAD maintained a bearish momentum 2 weeks ago. Topped at the 1.1132 levels and bottomed at the 1.0966 levels. Now the pressure will be on the key support 1.0966.
The USDCAD will have to hold below the 1.0966 levels on a weekly closing basis to push the market for further downside losses If seen a free fall to the 1.0608 levels will be in sight, below this level will open 1.0570 next.
Alternatively, a failure to hold below the 1.0966 levels on a weekly basis could mean a return to the 1.1132 levels. Break of 1.1132 will recapture the 1.1224 levels. Sustained trading above 1.1224 will target 1.1500 next.
In all, the USDCAD is likely to consolidate within 1.0966/1.1132 range before the next move. Below 1.0966 will open 1.0600 levels while above 1.1132 will target 1.1224/1.1500 levels.