USDCAD Daily Analysis – January 6, 2015

USDCAD remains in uptrend from 1.1191, the fall from 1.1841 is likely consolidation of the uptrend. Support is at 1.1700, as long as this level holds, the uptrend could be expected to resume, and next target would be at 1.2000 area. On the downside, a breakdown below 1.1700 support will indicate that the uptrend had completed at 1.1841 already, then deeper decline to 1.1500 area could be seen.

usdcad chart