USDCAD Weekly Analysis – July 13, 2014

USDCAD remains in downtrend from 1.1278, the rise from 1.0619 is likely consolidation of the downtrend. Resistance is at the downward trend line on daily chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.0300 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

usdcad chart