USDCAD Daily Analysis – March 6, 2015

USDCAD is forming a sideways consolidation in a range between 1.2352 and 1.2797. Another fall to test 1.2352 support would likely be seen, a breakdown below this level will target 1.2200 area. Key resistance is now at 1.2663, a break of this level will signal resumption of the long term uptrend from 1.1191 (Nov 21, 2014 low), then the following upward movement could bring price to 1.3000 area.

usdcad chart