A few days ago, I wrote about the possible range of the US Dollar to the Canadian Dollar. The target remains valid all the time, but it is worth mentioning a condition that may decide about a change in the rate and a possible larger upward correction.
The marked horizontal line represents the level that must be broken if the rate is to rebound upwards. This condition will also be kept when we go lower and the left side of the chart sets new levels. Often in such a situation, the rate exceeds the level and returns to local support. USDCAD keeps this principle invariably.