USDCAD Weekly Analysis – January 18, 2015

USDCAD’s upward movement from 1.0619 (Jul 3, 2014 low) extended to as high as 1.2046. Near term support is at 1.1800, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.2500 area. Key support is located at the upward trend line on daily chart, only a clear break below the trend line support could signal completion of the uptrend.

usdcad chart