In analysis of October 27 I pointed levels where price goes. I wrote: “Nearest target of upward movement there are two levels of 1.3215 and 1.3350. After its break above uptrend may continue”. Today the price reached level 1.3350 which is 1,5 month high. If bulls will continue upward movement next resistances are at levels: 1.3430, 1.3470. The second level is at 11-years high. Alternatively if there was a rebound the next supports are at levels: 1.3300, 1.3230, 1.3180.
In the long term USDCAD moves in an uptrend since 2011, for this reason more likely is a new high than serious downward movement.