USDCAD’s upside movement from 1.2803 extended to as high as 1.3110.

Further rise is still possible and next target would be at 1.3200 area. Near-term support is at 1.3050, as long as this level holds, the uptrend will continue.

On the downside, a breakdown below 1.3050 would indicate that consolidation for the uptrend is underway, then deeper decline towards 1.3000 could be seen.

USDCAD 4-hour chart

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