The USDCAD pair was declining for the second week except for recovery observed on the last three trading days. Daily closure above 1.0260 that took place on Wednesday allowed a strong bullish impulse to take place.
The pair recorded a new high today at 1.0487.
Bearish pressure is expected to be present at 1.0510 (the upper limit of the depicted movement channel).
Intraday Support stands around 1.0260 level and a stronger level at 1.0135 level (weekly low).
Reversal of the ongoing bullishness may take place around 1.0500-1.0550 levels. However, the ongoing bullish move has not shown any signs of weakness yet.