USDCAD Daily Analysis – January 3, 2014

USDCAD moved sideways in a range between 1.0561 and 1.0737. As long as 1.0561 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.0182 (Sept 19 low), and another rise towards 1.1000 is still possible. On the downside, a breakdown below 1.0561 support will indicate that the uptrend from 1.0182 had completed at 1.0737 already, then the following downward movement could bring price back to 1.0400 zone.

usdcad chart