USDCAD Weekly Analysis – January 5, 2014

USDCAD moved sideways in a narrow range between 1.0561 and 1.0737. As long as 1.0561 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.0182, another rise towards 1.1000 could be expected after consolidation. On the downside, a breakdown below 1.0561 support will indicate that the upward move from 1.0182 is complete, then the pair will find support around 1.0400.

usdcad chart