USDCAD Weekly Analysis – March 3, 2019

USDCAD moved sideways in a trading range between 1.3068 and 1.3375 for several weeks. Key resistance is located at 1.3375. As long as this level holds, the price action in the range could be treated as consolidation for the downtrend from 1.3664, further decline towards 1.2900 is still possible after the consolidation. Only a break of 1.3375 resistance could signal completion of the downtrend.

USDCAD daily chart