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Looking at the weekly chart of USDCAD it seems like the pair is still in the phase 2. The MACD indicator seems overbought and is about to cross over and point down. I would expect the correction to continue at least until 1.285040 level which would be the previous point of resistance. Other timeframes seem in agreement with the bearish trend as well as the fundamentals. After Friday's positive Canadian trade balance figure which beat the estimates and negative US NFP data the pair should continue going down. Looking at the weekly chart of USDCAD it seems like the pair is still in the phase 2. The MACD indicator seems overbought and is about to cross over and point down. I would expect the correction to continue at least until 1.285040 level which would be the previous point of resistance. Other timeframes seem in agreement with the bearish trend as well as the fundamentals. After Friday's positive Canadian trade balance figure which beat the estimates and negative US NFP data the pair should continue going down. 