USDCAD Analysis – March 17, 2013

USDCAD is facing the support of the lower line of the upward price channel on daily chart. As long as the channel support holds, the fall from 1.0341 could be treated as consolidation of the uptrend from 0.9815, another rise to 1.0500 area is still possible. On the downside, a clear break below the channel support will indicate that the uptrend from 0.9815 has completed at 1.0341 already, then the following downward movement could bring price to 0.9500 zone.

For long term analysis, USDCAD had formed a cycle bottom at 0.9632 (Sep 14, 2012 low) on weekly chart. Further rise to 1.0500 area could be expected over the next several weeks.

usdcad daily chart