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USDCAD Weekly Analysis - January 30, 2016

Long Term Forex Analysis | by ForexCycle.com | Saturday, 30 January 2016 12:47 UTC
USDCAD's fall from 1.4689 extended to as low as 1.3947. Further decline to test 1.3800 support is possible next week. As long as this level holds, the fall could be treated as consolidation of the uptrend from 1.1919 (May 14, 2015 low), another rise towards 1.5000 is still possible after consolidation. On the downside, a breakdown below 1.3800 support will indicate that lengthier consolidation for the long term uptrend from 0.9406 (Jul 26, 2011 low) is underway, then next target would be at 1.3400 area.

usdcad chart

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