USDCAD breaks above price channel

Franco Shao from ForexCycle.com at 02/19/10

USDCAD breaks above the falling price channel on 4-hour chart, suggesting that a short term cycle bottom is being formed at 1.0397. Range trading between 1.0397 and 1.0590 is expected in a couple of days. However, the bounce from 1.0397 is treated as consolidation of downtrend from 1.0779, one more fall towards 1.0300 area is still possible after consolidation.