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USDCAD Weekly Analysis - May 17, 2014

Long Term Forex Analysis | by ForexCycle.com | Saturday, 17 May 2014 14:22 UTC
USDCAD remains in downtrend from 1.1278, the price action from 1.0857 is likely consolidation of the downtrend. Another rise to the upper line of the price channel on daily chart to complete the consolidation would likely be seen next week. Key resistance is at 1.1053, as long as this level holds, the downtrend could be expected to resume, and next target would be at 1.0650 area. On the upside, a break above 1.1053 resistance could signal completion of the downtrend.

usdcad chart

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