USDCAD Analysis – September 28, 2013

USDCAD remains in downtrend from 1.0568, the rise from 1.0182 is likely consolidation of the downtrend. Resistance is at 1.0380, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.0000 is still possible. On the upside, a break above 1.0380 resistance will indicate that the pair remains in uptrend from 0.9632 (Sep 14, 2012 low), then further rise towards 1.1000 could be seen.

usdcad daily chart