USDCAD Weekly Analysis – February 24, 2019

USDCAD continued its sideways movement in a trading range between 1.3068 and 1.3375. As long as 1.3375 resistance holds, the price action in the trading range could be treated as consolidation for the downtrend from 1.3664, a breakdown below 1.3068 support could trigger further downside movement towards 1.2900. Only a break of 1.3375 resistance could signal completion of the downtrend.

USDCAD daily chart