USDCAD Weekly Analysis – March 8, 2015

USDCAD moved sideways in a trading range between 1.2351 and 1.2797. Near term support is at 1.2351, and the key support is located at the upward trend line on daily chart. As long as the trend line support holds, the price action in the range could be treated as consolidation of the uptrend from 1.0619 (Jul 3, 2014 low), another rise towards 1.3500 is still possible after consolidation.

usdcad chart