USDCAD Weekly Analysis – January 25, 2015

USDCAD continued its upward movement from 1.0619 (Jul 3, 2014 low), and the rise extended to as high as 1.2456. Further rise is still possible after a minor consolidation, and next target would be at 1.3000 area. Near term support is at 1.2100, and the 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