The USDCAD pair was declining for two successive weeks until strong recovery observed on June 14.
Daily closure above 1.0260 that took place on Wednesday allowed another bullish impulse to take place.
The USD/CAD pair rose steeply last week approaching key-resistance level of the ascending channel as depicted on the chart.
Resistance level located at 1.0530 may trigger some bearish retracment within the ascending channel. However, breakthrough above 1.0595 level might delay any bearish retracment.
Bearish pressure is expected to be present at 1.0510 (the upper limit of the depicted movement channel).
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 on the small timeframes yet.